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MAYOR MENINO JOINS MEDICAL AREA FEDERAL CREDIT UNION TO ANNOUNCE CLOSING COST ASSISTANCE PROGRAM; OVER 1,600 BOSTON HOSPITAL EMPLOYEES GAIN ACCESS TO AFFORDABLE MORTGAGE LOANS

BOSTON, Nov. 17 /PRNewswire/ -- Mayor Thomas M. Menino joined Medical Area Federal Credit Union (MAFCU) President Anthony C. Terrizzi, Brigham and Women's Hospital Chief Executive Officer Jeff Otten, Beth Israel Hospital Vice President J. Antony Swartz Lloyd, and Fannie Mae Boston Partnership Office Director Ted Chandler in announcing a $2 million closing cost assistance program for MAFCU members. The new program is part of the joint city of Boston/Fannie Mae "HouseBoston" initiative to provide $200 million in affordable housing to 2,000 families over five years.

"This is the result of a great partnership among the city of Boston, Fannie Mae, the hospitals and the Credit Union. Purchasing a home can be costly business. We understand the need for employees to gain as much leverage as possible in the process -- that is just what this program does," said Mayor Menino.

The $2 million employee assistance program (EAP) will be available to more than 14,000 employees of Brigham and Women's and Beth Israel hospitals, and is expected to provide assistance to more than 1,600 cash-poor households. The program is targeted to low-, moderate- and middle-income hospital employee and credit union member families who desire to purchase a home in Boston.

Under HouseBoston, MAFCU will provide assistance to home buyers who qualify for the Boston Mortgage to purchase a one- to four-family home within city limits. The unsecured closing cost loans are payable in up to 10 years. The loans are available to hospital employees and credit union members through CUMEX Mortgage Service Center. Interest rates on the assistance loans will not exceed that of the first mortgage loan's interest rate. This program will also support the city's multi-million down payment and closing cost assistance program that may be utilized by hospital employees purchasing homes in Boston.

"Most people either have insufficient incomes and/or savings, making homeownership out of their reach," added MAFCU's Tony Terrizzi. "Our primary purpose is to provide cash-poor hospital employee households with the opportunity to take advantage of affordable mortgage loan products right here in the city of Boston."

"Today's announcement is concrete evidence that Fannie Mae's partnership with the city and nontraditional lenders continues to be very significant for Boston's residents," said Chandler. "This assistance program is a sure way to create additional incentives for families who desire to purchase affordable housing."

The EAH program also supports the "Walk to Work" program for city of Boston employees. The "Walk to Work" program, negotiated by the city with the participation of local community groups, including the Fenway Community Development Corporation, keeps traffic down, promotes homeownership within the city, and sustains neighborhoods.

MAFCU, established more than 43 years ago, is a financial institution dedicated to providing specialized financial services to its member hospitals for their employees and their families. The credit union serves more than 7,400 members from prestigious hospitals including Brigham and Women's, Beth Israel, and Partners' Health Care, Inc.

For additional information about MAFCU's closing cost assistance program and its other services, products or membership, member hospital employees may call 617-732-4185, Monday through Friday, 9 a.m. to 5 p.m. EST.

Fannie Mae (NYSE: FNM) is a congressionally chartered, shareholder- owned company and the nation's largest source of home mortgage funds. It has committed to provide $1 trillion in targeted lending for 10 million new homes by the end of the decade. The targeted lending will serve low- and moderate-income families, minorities, new immigrants, residents of central cities and other underserved areas, and people who have special housing needs. As part of this initiative, Fannie Mae has committed to open 25 partnership offices in cities, rural areas, and other underserved communities. Twenty-one partnership cities have been designated since 1994.

For a menu of Fannie Mae news releases available by fax 24 hours (no charge) or to retrieve a specific release, please call 1-800-758-5804, ext. 305450, or access the address http://www.prnewswire.com on the Internet.
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/CONTACT: Kelly Quinn, City of Boston, 617-722-4300, ext. 4358 Luz Cardenas of Fannie Mae, 215-575-1807/

(FNM)

CO: Fannie Mae ST: Massachusetts IN: FIN SU:

DC-KS -- DCF011 -- 2684 11/17/95 11:52 EST
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Date:Nov 17, 1995
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