Reverend Dr. Floyd H. Flake Joins Fannie Mae to Announce Faith-Based Housing Partnership for the Pittsburgh Area; Faith-Based Community Economic Development Day Declared in Allegheny County.

Business Editors

PITTSBURGH, Pa.--(BUSINESS WIRE)--July 28, 2000

Reverend Dr. Floyd H. Flake, a former U.S. Representative, today joined leaders from Pittsburgh's religious community, and Fannie Mae (NYSE:FNM
FNM Free National Movement (Bahamas)
FNM Foot and Mouth ), the nation's largest source of financing for home mortgages, to announce a faith-based partnership to break down barriers to homeownership.

In addition, County Councilman Reverend James E. Simms proclaimed today "Faith-Based Community Economic Development Day" in Allegheny County. The announcements were made at a breakfast hosted by Howard "Hoddy" W. Hanna, III, president and CEO of Howard Hanna Real Estate Services that included leaders from local churches.

Fannie Mae invited Rev. Dr. Flake, and convened today's meeting to provide Pittsburgh-area ecumenical leaders with the technical assistance and tools needed to play an active role in community redevelopment in their neighborhoods.

Rev. Dr. Flake, known for his leadership in community development within his own congregation at the Allen A.M.E. Church in Jamaica Queens, New York, today discussed models and ways of effecting change through faith-based partnerships. "I'm thrilled to be in Pittsburgh to help encourage this initiative which will ultimately help Pittsburgh reclaim its at-risk communities," said Rev. Dr. Flake. "Some of our toughest problems can only be solved through faith-based solutions. I commend these leaders for having the courage to take the first step."

In a statement issued beforehand, U.S. Senator Rick Santorum (R-PA) said, "Faith-based groups are rapidly becoming a force in community development. I applaud Fannie Mae, Rev. Dr. Flake, the ecumenical community, County Council, LISC, and Howard Hanna Real Estate Services for coming together on this effort to revitalize communities and help make the dream of homeownership a reality."

"The county today declared `Faith-Based Community Economic Development Day' in Allegheny County not only to commemorate a day of Pittsburgh's churches coming together, but to mark the beginning of our community uniting, in faith, to build safe and strong neighborhoods where our children can thrive," said Councilman Simms.

Reverend Dr. Flake addressed several groups throughout the day, including the Local Initiative Support Coalition (LISC), which hosted a "Bootstrapper Luncheon," named after Flake's book, The Way of the Bootstrapper: Nine Action Steps for Achieving Your Dream. The book focuses on how to overcome racial, socioeconomic, and environmental odds.

"Not only has Rev. Flake inspired our local community leaders regarding the power of faith-based development, his words have re-kindled my own spirit and passion," said William (Skip) Schwab, program director of LISC. "I am personally excited about working with Fannie Mae on the implementation of this faith-based community development initiative."

"These Pittsburgh congregations are made up of the constituents we want to assist in the homeownership process including many African-American families and women-headed households," said Howard Slaughter, director of Fannie Mae's Pittsburgh Partnership Office. "By working through the churches, Fannie Mae is committed to help revitalize communities and to make homeownership possible for thousands of Pittsburgh area residents."

"Rev. Dr. Flake is a dynamic innovator and I thought to myself, `we've got to bring him to Pittsburgh,'" said Hoddy Hanna, president and CEO of Howard Hanna Real Estate Services.

The purpose of this Faith-Based Housing Partnership is to help faith-based organizations work more closely with lending institutions and other community redevelopment organizations to increase homeownership opportunities.

The partnership is made possible through "HousePittsburgh," Fannie Mae's five-year, $2 billion investment plan to finance affordable housing financing for more than 24,000 families in the Pittsburgh metropolitan area. The plan is part of Fannie Mae's nationwide $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted families.

For more information on HousePittsburgh, or any of Fannie Mae's affordable housing products, consumers may call the Consumer Resource Center at 1-800-7FANNIE (1-800-732-6643), Monday through Friday, between 9:00 a.m. and 5:00 p.m., EDT.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Over the past 31 years, Fannie Mae has provided nearly $2.9 trillion of mortgage financing for over 35 million families.

More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the company exclusively as "Fannie Mae."