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PUBLIC/PRIVATE PARTNERSHIP DEVELOPS AFFORDABLE FAMILY APARTMENTS IN SOUTHWEST RALEIGH

PUBLIC/PRIVATE PARTNERSHIP DEVELOPS AFFORDABLE FAMILY APARTMENTS
 IN SOUTHWEST RALEIGH
 RALEIGH, N.C., Feb. 10 /PRNewswire/ -- Forty-eight low- and moderate-income families, which could include more than 100 parents and children, will be able to move into affordable apartments in southwest Raleigh to be built through a $2.4 million public/private partnership that includes the Downtown Housing Improvement Corporation (DHIC) and the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM).
 Today, at a groundbreaking ceremony at the site of the development called Tryon Grove, U.S. Rep. David Price (D-N.C.); Raleigh Mayor Avery C. Upchurch; and Chairman of the Wake County Commissioners Vernon Malone dedicated the family apartments.
 "Tryon Grove shows us that it takes more than just a good public policy tool like low-income housing tax credits to make affordable housing a reality. It takes dedication, energy, and creativity from many people in the community. Fortunately, we have that in Raleigh, and Tryon Grove is a visible symbol of this unique spirit," said Price.
 Tryon Grove will consist of 48 two- and three-bedroom units, with easy access to schools, shopping centers, and restaurants. Other partners in the project, which was created by DHIC, include the North Carolina Housing Finance Agency, NationsBank, Wake County, the city of Raleigh, the North Carolina Department of Economic and Community Development, and the Enterprise Foundation.
 "The city of Raleigh's commitment to provide decent and affordable housing for all of its citizens remains steadfast. We are pleased we could join all of the financing partners in sponsoring Tryon Grove Apartments," said Upchurch.
 "Wake County is proud to work with Fannie Mae, NationsBank and the city of Raleigh to help build these apartments. It's in all of our interest to make sure that people who work in Wake County can live in decent housing."
 Fannie Mae is investing $933,000 in the development through the Housing Outreach Fund, a low-income housing tax credit equity fund managed by the Enterprise Social Investment Corporation, a subsidiary of the Enterprise Foundation, for the production of low-income rental housing. Fannie Mae is the sole investor limited partner in the fund.
 "These family apartments are an example of the kind of affordable housing that a public/private partnership can generate. We are pleased to be working with DHIC and Enterprise to make this project a success. We also are grateful to Representative Price, Mayor Upchurch and Mr. Malone, without whose support developments such as Tryon Grove would not become a reality," said Glenn T. Austin Jr., senior vice president for Fannie Mae's Atlanta-based, 12-state, southeastern region.
 James H. Brown, chairman of the board for DHIC added: "DHIC has enjoyed the support of the city of Raleigh for almost 20 years. We welcome Wake County as a new partner in our efforts to provide housing for lower income families."
 DHIC was created by the city of Raleigh in 1973 to reverse neighborhood decline by providing affordable housing for low-income residents. Other examples of the DHIC's development through the use of the low-income housing tax credit include Jeffries Ridge Apartments in Central Raleigh and the award winning Murphey School Apartments for senior citizens.
 Fannie Mae's $220 million of equity commitments to tax credit properties like Tryon Grove are part of its $10 billion commitment to open the doors to affordable housing across the country, announced by its chairman, James A. Johnson, in March 1991.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned corporation and the nation's largest investor in home mortgages.
 -0- 2/10/92
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Federal National Mortgage Association; Downtown Housing
 Improvement Corporation ST: North Carolina IN: SU:


MH-SB -- DC022 -- 8325 02/10/92 13:24 EST
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Date:Feb 10, 1992
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