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FANNIE MAE FOUNDATION MAKES $500,000 GRANT FOR 'COMMUNITY BUILDING IN PARTNERSHIP' IN SANDTOWN-WINCHESTER

FANNIE MAE FOUNDATION MAKES $500,000 GRANT FOR 'COMMUNITY BUILDING
 IN PARTNERSHIP' IN SANDTOWN-WINCHESTER
 BALTIMORE, June 15 /PRNewswire/ -- A $500,000 grant from the Fannie Mae Foundation to The Enterprise Foundation will be used to develop new community services in Baltimore's Sandtown-Winchester neighborhood, announced Fannie Mae's (Federal National Mortgage Association) chairman and chief executive officer today.
 In announcing the Fannie Mae Foundation's largest, single grant ever, James A. Johnson said, "This grant will be used to help community leaders design much-needed programs to benefit the residents in the Sandtown-Winchester neighborhood."
 The Sandtown-Winchester Transformation Project's "Community Building in Partnership" will include housing, education, health care, and human services programs, Johnson said.
 "Fannie Mae works in communities throughout the country to help provide decent affordable housing to all Americans. We have found that housing solutions for those in greatest need work best when combined with the creation of the other vital services people need to be self-supporting," Johnson said. "We encourage other corporations to support the work initiated by Mayor Schmoke and The Enterprise Foundation."
 Baltimore's Mayor Kurt Schmoke added, "Fannie Mae, as a partner, will help us develop programs that benefit all aspects of the community. Without the financial support of corporations like Fannie Mae, the Sandtown-Winchester transformation could not continue."
 The Enterprise Foundation has targeted three communities across the country for neighborhood transformation. The first community, the Sandtown-Winchester area of Baltimore, is a 72-square block area with 12,000 residents. The median income is just less than $7,000 with 45 percent of the residents dependent on public assistance.
 "We are grateful for the generous support of the Fannie Mae Foundation for our transformation efforts in Sandtown," said F. Barton Harvey, vice chair of The Enterprise Foundation. "Adequate housing, health care, education, and other vital human services are critical to effecting significant change. Working with us in friendship and partnership, Fannie Mae's enthusiastic support will go a long way toward providing a bright, new future for the Sandtown- Winchester community."
 The Enterprise Foundation is a national, non-profit charitable organization that helps nonprofit neighborhood groups develop affordable housing for low-income families and individuals. Its mission is to see that all poor people in the United States have the opportunity for fit and affordable housing within a generation and to move up and out of poverty into the mainstream of life.
 The primary goal of the Fannie Mae Foundation is to support national and local non-profit organizations that work 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 Fannie Mae Foundation plans to make $6 million in grants in 1992. Its sole source of support is Fannie Mae (NYSE: FNM), the USA's Housing Partner, which is a congressionally chartered, shareholder-owned corporation and the nation's largest investor in home mortgages.
 -0- 6/15/92
 /NOTE: On Tuesday, June 16, at 5 p.m., Jim Johnson will join former President Jimmy Carter, Mayor Schmoke, and Bart Harvey for a Sandtown-Winchester community celebration and dedication of its Wall of Pride located at 1622 N. Carey St./
 /CONTACT: Janice Daue of the Federal National Mortgage Association, 202-752-3421/
 (FNM) CO: Federal National Mortgage Association; The Enterprise Foundation ST: Maryland IN: FIN SU:


DC -- DC010 -- 7744 06/15/92 14:00 EDT
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Date:Jun 15, 1992
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