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NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE FOR HUNDREDS OF MODEST-INCOME GEORGIA HOME BUYERS

 NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE
 FOR HUNDREDS OF MODEST-INCOME GEORGIA HOME BUYERS
 WASHINGTON, July 17 /PRNewswire/ -- More than 700 Georgia families living in DeKalb, Cobb, and Gwinnett Counties will have access to below-market mortgage rates through an affordable home finance initiative announced today by the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) and the Housing Authority of the County of DeKalb.
 Fannie Mae has agreed to purchase $42.8 million of tax-exempt, single-family mortgage revenue bonds issued by the Housing Authority to provide financing for 30-year, fixed-rate, FHA/VA home loans at 7.45 percent. The bonds will be backed by GNMA certificates.
 "This is public-private partnership at its best -- an investment in the future by helping more than 700 low- and moderate-income families afford to own their own homes without spending scarce federal dollars," explained Sen. Wyche Fowler (D-Ga.), an affordable- housing proponent.
 "Fannie Mae's purchase of the bonds enables the Housing Authority to lower its bond financing costs, thereby leaving money available to fund additional mortgages, or to reduce the borrower's interest rate or closing costs," explained Kenneth Woods, chairman of the board of commissioners of the authority.
 "Fannie Mae is pleased to be participating again in the DeKalb County mortgage revenue bond program," added Glenn Austin, senior vice president of Fannie Mae's Atlanta-based, 12-state southeastern regional office. "To date, we have purchased a total of $210 million in mortgage revenue bonds from the Housing Authority of DeKalb County, which translates into helping finance homes for approximately 3000 families."
 Mortgage loans will be offered on a first-come, first-served basis to low- and moderate-income households in DeKalb, Cobb and Gwinnett Counties. Home buyers' eligibility for participation in the home finance program will depend upon home prices and family incomes; limits on both will vary by location.
 Interested home buyers should contact the Housing Authority of DeKalb County at 404-377-0425 to determine participating mortgage lenders in their local area.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 7/17/92
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Federal National Mortgage Association ST: Georgia IN: FIN SU:


MH -- DC007 -- 0146 07/17/92 10:28 EDT
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Date:Jul 17, 1992
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