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OFFICIALS APPLAUD SUCCESS OF LOW-INCOME RENTAL TOWNHOUSES DEVELOPED BY THE INDIAN CENTER, FINANCED BY NATIONAL BANK OF COMMERCE, FANNIE MAE

 WASHINGTON, Dec. 10 /PRNewswire/ -- Local and regional officials today recognized the Many Oaks townhome apartments in Lincoln, Neb., as an example of public-private partnership that helps meet the housing needs of low-income Americans. Developers also announced that they are considering plans to build a second phase of the development, which received permanent financing from the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM), the nation's largest source of home mortgage funds.
 The 30, three- and four-bedroom apartments provide housing for low- income families who have had difficulty finding affordable housing in the Lincoln area. Partners in the development were the Indian Center Clinton Community Development Corp., city of Lincoln, National Bank of Commerce and Fannie Mae, along with other private investors.
 "Fannie Mae is pleased to participate in partnerships like this one that provide affordable housing to underserved populations," said John R. Hayes, senior vice president of Fannie Mae's Chicago-based midwestern regional office.
 Fannie Mae provided a 25-year, $855,000 multifamily mortgage for the development. Hayes added that all units at Many Oaks are rented to families with incomes at or below 60 percent of the area median of $36,400.
 "The commitment of the diverse members of this partnership has helped lower-income Lincoln residents bridge the widening housing affordability gap," said Mayor Mike Johanns. "We hope this success will help others focus their energy on meeting the housing needs of low- income residents."
 "The 100 percent occupancy rate of the apartments illustrates the strong demand for affordable housing for low-income families," said Charlene Flood-Johnson, executive director of The Indian Center. "That's why we are beginning to consider ways to develop a second phase to create more apartments."
 The apartment units at Many Oaks range in size from 1,020 square feet to 1,390 square feet. The apartments were developed with the participation of a number of creative partners. The Indian Center, a neighborhood community development corporation, was general partner and developer of the apartments. The Indian Center has been developing affordable residential housing for families, the elderly and the physically challenged since 1985.
 The total development cost for the apartment community was more than $1.9 million. Mega Corporation recruited private investors to provide equity through use of federal low-income housing tax credits. The city of Lincoln provided $99,000 in Community Development Block Grant funds and pledged proceeds from tax increment financing. Construction lending was provided by the National Bank of Commerce of Lincoln.
 "Our investment in this partnership reflects the bank's interest in creating stable communities for residents of all income levels," said Joe Thorpe, vice president of the National Bank of Commerce. "And we were excited by the good track record of The Indian Center and Fannie Mae in affordable housing efforts."
 Fannie Mae is a congressionally chartered, shareholder-owned company and the nation's largest source of home mortgage funds.
 -0- 12/10/93
 /CONTACT: Alfred L. King, 202-752-6136, or Ron Laurent, 312-368-6388, both of Fannie Mae/
 (FNM)


CO: Fannie Mae; Indian Center Clinton Community Development Corp.;
 National Bank of Commerce ST: Nebraska IN: FIN CST SU:


DC-KD -- DC012 -- 2579 12/10/93 11:26 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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