Printer Friendly

HORIZON HOUSE IN PHILADELPHIA PURCHASES A GROUP HOME FOR DEVELOPMENTALLY DISABLED ADULTS WITH FINANCING PROVIDED BY GMAC MORTGAGE AND FANNIE MAE

 WASHINGTON, Jan. 11 /PRNewswire/ -- Horizon House, one of the Delaware Valley's leading nonprofit human service providers, today announced that it purchased a group home for developmentally disabled adults with the assistance of GMAC Mortgage and Federal National Mortgage Association (Fannie Mae) (NYSE: FNM).
 "We are pleased that Fannie Mae, through its Community Living program, can contribute to the efforts of Horizon House to make a difference in the lives of developmentally disabled people," said Kenneth Bacon, senior vice president of Fannie Mae's Philadelphia-based, northeastern regional office.
 "We appreciate the responsiveness of Fannie Mae and GMAC Mortgage in helping us meet the complex housing needs of persons with mental health needs and developmental disabilities," said Kristine Mancini, director of Horizon House.
 The group home, located in Bucks County, can house four adults. It was financed by GMAC Mortgage under Fannie Mae's Community Living program, which offers 15-year and 30-year, fixed-rate, level payment, fully amortizing mortgages. Prior to this program, long-term mortgage credit was difficult for nonprofit groups or owners to obtain because they were not eligible homeowners under standard owner-occupied or investor-owned, single-family home underwriting criteria.
 The program allows GMAC Mortgage to offer fixed-rate financing at terms comparable to those available to buyers of single-family homes. GMAC Mortgage issued the mortgage loan and Fannie Mae purchased the mortgage.
 "GMAC Mortgage offers Fannie Mae's Community Living program as one of the products under its affordable housing umbrella," said Therese M. Albertini, vice president and director of business development and affordable housing at GMAC Mortgage. "GMAC is proud to be involved in the Community Living program and welcomes opportunities to speak with other entities such as Horizon House to assist them in their housing needs." For more information, contact Ms. Albertini at 215-881-1482.
 GMAC is one of the nation's leading mortgage lenders and servicers, with a servicing portfolio in excess of $37 billion. GMAC Mortgage is a wholly owned subsidiary of General Motors Acceptance Corp. (GMAC), a subsidiary of General Motors (NYSE: GM).
 Horizon House, founded in 1952, provides community-based mental health, mental retardation and addiction recovery services throughout Philadelphia and its surrounding counties, and in Delaware.
 Fannie Mae is a congressionally chartered, shareholder-owned company and the nation's largest source of home mortgage funds.
 -0- 1/11/94
 /delval/
 /CONTACT: Alfred L. King of Fannie Mae, 202-752-6136/
 (FNM GM) CO: Horizon House; Federal National Mortgage Association; GMAC Mortgage ST: Pennsylvania IN: FIN SU:


IH-KD -- DC021 -- 1093 01/11/94 15:34 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 11, 1994
Words:409
Previous Article:CUSTOMS JOINS NEW INTERAGENCY BORDER EFFICIENCY TASK FORCE
Next Article:PROMINENT MARYLAND ATTORNEY AND MARYLAND DELEGATE CHARGED WITH IMPROPER CONDUCT IN PRINCE GEORGE'S CASE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters