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FANNIE MAE'S JOHNSON: INDIANA IS 'INNOVATIVE' ON HOUSING; ANNOUNCES $10,000 FOR HOMEBUYER COUNSELING

 FANNIE MAE'S JOHNSON: INDIANA IS 'INNOVATIVE' ON HOUSING;
 ANNOUNCES $10,000 FOR HOMEBUYER COUNSELING
 INDIANAPOLIS, Sept. 16 /PRNewswire/ -- In announcing a donation to a local housing initiative, the chairman of the nation's largest investor in home mortgages today praised Indiana as a state where the public and private sector have created innovative approaches to affordable housing.
 "Indiana has exciting ideas, and the kind of dynamic notions about partnership among the private, public, and nonprofit groups that can make housing ideas work," said James A. Johnson, chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM).
 At the second annual Indiana Statewide Housing Conference here, Johnson presented a $10,000 check from the Fannie Mae Foundation to the Indianapolis Neighborhood Housing Partnership for home buyer counseling under their Good Neighbor Loan Program.
 Fannie Mae is working in partnership with the Indiana Housing Finance Authority, non-profits, and lenders to make homeownership a reality. In March, Fannie Mae committed to purchase $100 million in loans made through the Indiana Affordable Housing Initiative, which includes Fannie Mae's Community Home Buyer's Program; the Farmer's Home Administration's Guaranteed Rural Housing Loan Program; and the IHFA's Mortgage Credit Certificate program.
 This initiative offers home buyers three ways to reduce homeownership costs: up to $2,000 in annual federal tax savings; 0 percent to 5 percent down payments; and flexible mortgage qualifying standards.
 Fannie Mae also is providing credit enhancement in the form of Mortgage-Backed Securities (MBS) for $19 million of an $82 million mortgage revenue bond issued by IHFA. Fannie Mae's credit enhancement gives the bonds a "AAA" rating making it possible for IHFA to make mortgage financing available for more than 300 Hoosier families.
 In Indianapolis, Fannie Mae and the Indianapolis Neighborhood Housing Partnership have joined IHFA, local lenders, and the Lilly Foundation for the "Good Neighbor Home Loan Program." Fannie Mae will purchase $9 million in first mortgage loans through the program, which will help more than 300 Marion County families.
 Fannie Mae also is working with lenders and non-profits in Gary, Elkhart, and other cities and counties to help stimulate homeownership in Indiana. Through the first seven months of 1992, Fannie Mae has purchased or securitized $1.9 billion in mortgages, helping more than 28,000 families finance their homes in Indiana.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 9/16/92
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Fannie Mae; Indiana Housing Finance Authority ST: Indiana IN: FIN SU:


DC -- DC025 -- 0163 09/16/92 13:10 EDT
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Date:Sep 16, 1992
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