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FREDDIE MAC TEAMS WITH AFL-CIO TO SPUR AFFORDABLE RENTAL HOUSING; PRESIDENT CLINTON ANNOUNCES $200 MILLION AGREEMENT IN LABOR DAY ADDRESS

 /ADVANCE/ DADE COUNTY, Fla., Sept. 6 /PRNewswire/ -- Freddie Mac and the AFL-CIO Housing Investment Trust will invest $200 million to create more than 10,000 low-income housing units across the nation in a unique mortgage agreement.
 The agreement was announced today by President Clinton is his Labor Day remarks before labor, housing and cabinet officials and area residents at the Caribbean West Apartments in Dade County.
 The partnership will fall under the umbrella of the National Partnership for Community Investment, an alliance between the Department of Housing and Urban Development (HUD) and the AFL-CIO which will invest $1.2 billion over the next five years.
 Clinton praised the Freddie Mac/AFL-CIO agreement today at the Caribbean West Apartment site. The Caribbean West Apartments have been vacant and boarded since being severely damaged by Hurricane Andrew. The complex will now be rebuilt under the auspices of the National Partnership for Community Investment.
 The Freddie Mac/AFL-CIO partnership will be launched with a $9.5 million loan purchase by Freddie Mac, providing permanent financing for 328 recently renovated apartments in nearby Opa-Locka, Fla. A dramatic turnaround of the community was achieved through the combined efforts of HUD, the AFL-CIO Housing Investment Trust, Freddie Mac, local lenders and various local agencies.
 "Quality rental housing continues to be an issue for the nation," said Freddie Mac Chairman and Chief Executive Officer Leland Brendsel. "Freddie Mac is deeply committed to providing financing for decent, affordable housing for families across America. Our involvement with AFL-CIO and the National Partnership for Community Investment is a natural component to our far-reaching efforts."
 Brendsel added, "Rehabilitating existing housing -- in partnership with government, the private sector and communities -- is a sensible approach to a complex problem."
 Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to increase the availability of mortgage money in support of home ownership and rental housing. Over the years, Freddie Mac has helped finance one in six American homes.
 -0- 9/6/93/1300
 /CONTACT: Neal McGarity of Freddie Mac, 703-903-2442/


CO: Freddie Mac; AFL-CIO Housing Investment Trust; National Partnership
 for Community Investment ST: Florida, District of Columbia IN: SU: JVN


CC -- NYON6 -- 9114 09/06/93 10:17 EDT
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Publication:PR Newswire
Date:Sep 6, 1993
Words:366
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