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PUBLIC/PRIVATE PARTNERSHIP CREATES NEW HOMEOWNERSHIP OPPORTUNITIES FOR LOW-INCOME FAMILIES IN NEW YORK CITY

PUBLIC/PRIVATE PARTNERSHIP CREATES NEW HOMEOWNERSHIP OPPORTUNITIES
 FOR LOW-INCOME FAMILIES IN NEW YORK CITY
 NEW YORK, Jan. 13 /PRNewswire/ -- An affordable housing initiative, which will enable families earning as little as $25,000 per year to purchase newly constructed two-family homes with a below- market interest rate mortgage from Republic New York Corporation, was announced today by a partnership of public officials, mortgage lenders, and housing advocates.
 This unique plan, known as the Partnership Mortgage Program, was designed to help bring decent, affordable housing to residents of New York City. Rep. Floyd Flake (D-N.Y.); Republic New York Corporation; the New York City Housing Partnership; the Southeast Queens Clergy for Community Empowerment; Bluestone Organization, and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) joined together today at the site of the first project to be developed.
 Republic New York Corporation will originate $5 million per year in home loans for special public/private projects that benefit low- to moderate-income families living in New York City. The loans will be priced at tax-exempt rates and will charge no points.
 "Homeownership is the best approach for building people's pride, self-esteem, and loyalty toward their community. We are gratified that Republic, Fannie Mae, and the Housing Partnership are starring in this process as part of their moral obligation," said Flake.
 John Tamberlane, executive vice president of Republic National Bank of New York and president of The Manhattan Savings Bank added, "We believe the future of New York City, in part, depends on its ability to provide decent, affordable housing for the hard-working, industrious residents that are its backbone. The New York City Housing Partnership represents one of the great ways to meet that need.
 "Republic is pleased to be a participant in the growth and development of an important community like South Jamaica, Queens."
 Most of the loans through Republic's new program will be originated under Fannie Mae's Community Home Buyer's Program, which is designed for those who have good credit but may not be able to qualify under traditional underwriting standards. After originating the mortgages, Republic will swap the loans for Fannie Mae Mortgage- Backed Securities.
 "This is the kind of partnership that really opens doors for many first-time home buyers in New York. We're delighted to be part of it," said Ann Logan, senior vice president for Fannie Mae's Northeastern Regional Office.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 The first development under the Partnership Mortgage Program is Arlington Terrace (a.k.a. South Road Homes). A total of 22 homes are being built within a three-block radius by Woodmont Homes, Inc., a subsidiary of the Bluestone Organization.
 In Arlington Terrace, homeowners will have the option of renting the second unit of their home and putting that rent toward their monthly mortgage payment.
 "This development is the first phase of 109 two-family homes the Housing Partnership has committed to South Jamaica, which will complement the ongoing work of the city and local community groups to rebuild this formerly blighted area," said Kathyrn Wylde, president of the Housing Partnership.
 Under the Partnership's housing program, the city provides sites and low-cost land, and the NYC Department of Housing Preservation and Development and the New York State Affordable Housing Corporation provide subsidies to bring down the cost of each unit.
 "I am delighted that the purchasers of these homes in South Jamaica will be the first to benefit from this affordable financing program," said Claire Shulman, president of the Borough of Queens. "This innovative mortgage arrangement complements the unique agreement structured between government and the Jamaica community, whereby hundreds of units of affordable housing are being developed for families of all income levels without displacement. This is truly a partnership effort."
 Republic New York Corporation and The Southeast Queens Clergy for Community Empowerment will work with prospective homeowners through home buyer education and serve as a liaison to the community.
 Home buyers interested in learning more about Arlington Terrace should contact Randall Toure, Southeast Queens Clergy, on 718-297-0720.
 -0- 1/13/92
 /CONTACT: Phillip Burgess of Republic National, 212-525-6597, or Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Fannie Mae; Republic New York Corporation ST: New York IN: FIN SU:


DC -- DC020 -- 9164 01/13/92 15:06 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 13, 1992
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