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FANNIE MAE FOUNDATION HONORS NON-PROFIT SPONSORS OF INNOVATIVE LOW-INCOME HOUSING PROJECTS THROUGH MAXWELL AWARDS OF EXCELLENCE

 FANNIE MAE FOUNDATION HONORS NON-PROFIT SPONSORS OF INNOVATIVE


LOW-INCOME HOUSING PROJECTS THROUGH MAXWELL AWARDS OF EXCELLENCE
 WASHINGTON, May 6 /PRNewswire/ -- National recognition and $210,000 in awards were given today to the non-profit sponsors of exemplary housing projects for their innovative approaches to meeting the housing needs of low-income Americans in urban and rural communities. The Fannie Mae Foundation honored the groups at its fourth annual "Maxwell Awards of Excellence" celebration held on Capitol Hill with members of Congress and representatives of the affordable housing community.
 "Today, we are honoring six projects that represent the best in low-income housing," stated James A. Johnson, chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM). "They have taken resources unique to their communities and put them together to provide housing for more than 250 low-income families or individuals.
 This year's Maxwell Awards of Excellence honorees range from a sweat equity program to rehabilitate homes for displaced sugar cane workers in rural Louisiana to the construction of a housing complex that serves the needs of senior citizens, families, disabled persons, and the homeless in the Chinatown area of Oakland, Calif.
 The non-profit sponsors of the developments are located in Alabama, California, Illinois, Louisiana, Tennessee and Vermont. Each received a $25,000 grant. Also, the foundation awarded $5,000 each to 12 other finalists in 10 additional states.
 The Maxwell Awards of Excellence Program, established in 1988, was created by the Fannie Mae Foundation to encourage and recognize community-based, non-profit groups that successfully work to develop and complete housing aimed at meeting the specific needs of low-income families and individuals. The awards are named in honor of Fannie Mae's former chairman, David O. Maxwell, who has had a life-long commitment to the housing needs of low-income people.
 An independent readers panel and advisory committee selected the following organizations from 153 applications from 35 states and the District of Columbia, to receive the 1992 Awards:
 -- Committee on Temporary Shelter (COTS), Burlington, Vt.
 The transformation of a 19th century meeting hall into a 22-room transitional housing facility for the homeless, was the result of hard work and dedication by the Committee on Temporary Shelter (COTS). Called St. John's Hall, the facility provides long-term permanent housing, combined with counseling, medical care and training to residents with problems of substance abuse, mental health and unemployment.
 Although COTS faced protracted neighborhood opposition and legal challenges of the project, it was successful because of the unwavering support of the property owner, the City Community and Economic Development Office and the Vermont Housing Finance Authority.
 -- Community Service Programs of West Alabama, Inc. (CSP),
 Tuscaloosa, Ala.
 Community Service Programs developed the first new low-income rental housing in Tuscaloosa in 10 years. West Side Development, located in what was previously called Belcher's Quarters, replaced drug- and rat-infested, 65-year-old dilapidated housing. The 38 one- to four-bedroom units are serving low- and very low-income families who pay rent based on their income.
 The project provides affordable rental housing opportunities for area residents while also improving an environment that had been plagued with increasing crime.
 -- East Bay Asian Local Development Corporation (EBALDC) and
 BRIDGE Housing Corporation, Oakland, Calif.
 The need for quality, low- and very low-income housing in the Oakland area intensified after the 1989 Loma Prieta earthquake damaged and destroyed more than 1,000 rental units. The construction of Frank G. Mar Community Housing, a mixed-use rental facility with 119 townhouses and apartments provided a solution through affordable housing for over 300 low-income residents of Oakland.
 The project was a joint effort of East Bay Asian Local Development Corporation and BRIDGE Housing Corporation who worked closely on garnering local support, developing the project concept, obtaining financing and overseeing construction.
 -- New Cities Community Development Corporation, Hazelcrest, Ill.
 In April 1989, South Suburban Action Conference and New Cities Community Development Corporation joined forces to combat the growing housing problem in Chicago's south suburbs. The large number of vacant HUD/VA-owned homes, coupled with the many families living in substandard rental housing, gave rise to a lease-purchase program that created 53 single-family homes, which were sold to low- and very-low income families.
 The program further serves the community by using local minority contractors, who in turn employ community residents to do the rehabilitation.
 -- Southern Mutual Help Association, New Iberia, La.
 A majority of the residents in the Four Corners community, located near the Mississippi Delta, are displaced sugar cane workers who have lost even the low-paying jobs they had on the plantations. The mostly female residents of Four Corners joined forces with Southern Mutual Help Association to form the 45-member Four Corners Self-Help Housing Committee.
 The members of the committee learn basic renovation skills, as well as management and leadership skills, and help rehabilitate each others' homes.
 -- Woodland Community Development Corporation, Clairfield, Tenn.
 Woodland Community Development Corporation (WCDC), located in mountainous, rural Northeast Tennessee, was founded four years ago. Woodland's Rural Settlement Plan is revitalizing an area where many residents still live in substandard "coal camp" houses. WCDC has built seven new permanent homes and rehabilitated four mobile homes for transitional housing.
 WCDC's plan centers on a self-help construction program in which low-and very low-income residents, including Native Americans, are taught construction and masonry skills in order to rehabilitate each others' homes. The trainees are aided in job placement once they have finished their work on the settlement.
 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. The Foundation also funds education, health, and human development programs that enhance individual potential with a special concern for youth.
 The Foundation will make $6 million in grants in 1992. Its sole source of support is Fannie Mae, the USA's Housing Partner, which is a congressionally chartered, shareholder-owned corporation and the nation's largest investor in home mortgages.
 -0- 5/6/92
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Fannie Mae Foundation ST: District of Columbia IN: SU:


TW -- DC025 -- 7071 05/06/92 12:01 EDT
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