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CHICAGO LATINOS NATURALIZED; HOME BUYING FAIR HIGHLIGHTS HIGH HOMEOWNERSHIP RATE AMONG CHICAGO LATINO POPULATION

 CHICAGO, Oct. 23 /PRNewswire/ -- Some 20 Latino residents of Chicago were sworn in as U.S. citizens today and then joined several hundred recently naturalized American citizens at a home buying fair. The two events underlined emerging immigration trends showing that new arrivals in the United States will play an increasing role in new household formations and home purchases.
 The event was sponsored by United Neighborhood Organization (UNO), a local community group that assists the city's low-income Latino residents, and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM), the nation's largest source of home mortgage funds.
 Fannie Mae Chairman and Chief Executive Officer James A. Johnson announced a $50,000 Fannie Mae Foundation grant to UNO at the event. The grant will fund UNO's "Citizenship Now" campaign over the next four years to identify and assist 130,000 permanent Latino residents in Chicago who are interested in becoming U.S. citizens.
 UNO will guide those residents through the naturalization process and then conduct housing seminars for new citizens to introduce them to the process of achieving homeownership.
 "We are very pleased to have the committed support of Fannie Mae for our efforts to help Chicago Latinos become naturalized citizens and to move toward the American dream of homeownership," said Dan Solis, UNO's executive director and president. "Fannie Mae's active assistance will help us reach and assist more members of Chicago's Latino community."
 "UNO helps Latinos become citizens," Johnson told the newly sworn citizens. "Fannie Mae can help you become homeowners. Anyone trying to achieve either of these objectives knows it can be a very intimidating experience."
 Johnson cited a UNO survey calling for "demystifying citizenship and the application process," and added: "What UNO is trying to do for citizenship is exactly the same thing Fannie Mae is trying to do with homeownership. "As soon as people start trying to get a mortgage, they immediately begin hearing financial terms and running into procedures and paper work most people don't ordinarily deal with on a daily basis. In fact, Fannie Mae has found that because of the complexity involved, some people give up before they even begin -- on the assumption that they either can't afford the cost or won't understand the process.
 "Fannie Mae is committed to change that, and to increase the access of Latinos and other minority groups to home mortgage credit," Johnson said.
 "As part of our commitment to 'demystify' the mortgage process for Latinos and other minorities, we offer a variety of consumer education publications in plain Spanish as well as plain English," Johnson said. "We also sponsor home-buying fairs, like the one today, that bring together potential home buyers and mortgage lenders willing to work with them. We provide families with information about non-profit housing counselors to help them prepare for homeownership."
 Johnson cited Fannie Mae's 1992 National Housing Survey that showed that Latinos rank homeownership as one of their most important long-term goals, higher than any other group in the survey.
 A 1992 UNO survey of Latinos who had recently completed the naturalization process found that 67 percent were homeowners. That compared with a homeowership rate among all Americans of 64 percent, and an overall homeownership rate among the country's Hispanic population of 42 percent, according to 1990 Census figures.
 The UNO survey of Chicago Latinos found a high correlation between naturalization and homeownership. The homeownership rate among resident Latinos lacking citizenship was much lower.
 Overall demographic trends show that immigration into the United States will account for more than one-third of the country's population growth in the years 1991-2000, Johnson said.
 "Nearly 25 percent of those who emigrated to this country over the past decade are already homeowners, and that number will only increase as they become more acclimated and see their incomes rise," he said. "Immigration has a powerful impact on the first-time home-buyer market because new immigrants tend to be young, with their years for forming households and raising children ahead of them."
 UNO is a community-based organization which works primarily with the Latino population of Chicago to develop, empower, and stabilize the communities in which they live. A primary goal of the group is to assist interested members of the Chicago Latino community to become U.S. citizens.
 The primary goal of the Fannie Mae Foundation is to support national and local non-profit organizations working to provide decent and affordable housing in communities throughout the United States. In 1993, the foundation will distribute $8.5 million in grants.
 The foundation's sole source of support is Fannie Mae, which is a congressionally chartered, shareholder-owned company and the nation's largest source of home mortgage funds.
 FACT SHEET
 HISPANIC POPULATION IN CHICAGO
 -- There were more than half a million (545,852) Hispanic
 individuals in Chicago in 1990.
 -- 20 percent of the city's population is Hispanic.
 -- Nearly half (352,560) of the Hispanic population in Chicago
 are Mexican.
 -- More than 60 percent of the Hispanic population in Chicago is
 concentrated in 10 neighborhoods.
 FAMILY AND HOUSEHOLD CHARACTERISTICS OF HISPANIC POPULATION
 IN CHICAGO
 -- 63 percent of the Hispanic population in Chicago are adults
 (17 years and older).
 -- The average household size of Hispanics in Chicago is 4.4.
 -- The homeownership rate in Chicago is 67 percent for
 naturalized citizens, and 22 percent of those gaining permanent
 residency status through amnesty.
 -- 73 percent of the Hispanic population in Chicago speak
 Spanish at home.
 -- The Hispanic population in Chicago prefers TV over all other
 news media.
 -- One-third of the Hispanic population in Chicago watches TV
 in Spanish only.
 HISPANIC POPULATION IN ILLINOIS
 -- There are nearly a million (904,446) Hispanic individuals
 in the state of Illinois, which represents 8 percent
 of the state's population.
 HISPANIC POPULATION IN THE UNITED STATES
 -- In 1990, there were 22,354,000 Hispanic individuals in
 the United States, which represents 9 percent of the
 country's population.
 -- 60 percent of the Hispanic individuals in the United States
 are Mexican.
 -- More than 50 percent of the Hispanic individuals in the United
 States are under the age of 25.
 -- The homeownership rate of Hispanic individuals in the United
 States is 42.4 percent (vs. U.S. average of 64.2 percent).
 IMMIGRATION TO THE U.S. 1990-2000
 -- There are expected to be 880,000 net immigrants to the United
 States annually between 1990 and 2000 (including legal/refugee,
 undocumented immigrants, Puerto Ricans and civilian citizens,
 minus emigrants).
 -- Over one-third (324,000) of annual net immigrants to the United
 States between 1990 and 2000 will be Hispanic.
 -- Immigration will account for over one-third (25.4 million) of
 the country's population growth in the 1991-2000 period.
 SOURCES
 Bureau of the Census. "Populations Projections of the United States, by Ages, Sex, Race, and Hispanic Origin: 1992 to 2050." P25- 1092. November 1992.
 United Neighborhood Organization of Chicago (UNO). "Citizenship Potential, Barriers and Attitudes Among Latinos in Chicago: A Citywide Survey." 1992.
 -0- 10/23/93
 /CONTACT: Gene Eisman of Fannie Mae, 202-752-6673, or in Chicago, Oct. 22-26, 312-266-2100/
 (FNM)


CO: Federal National Mortgage Association; United Neighborhood
 Organization ST: Illinois IN: FIN SU:


KD-MH -- DCSAT3 -- 6016 10/23/93 12:03 EDT
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