Community Development Corporation of
Long Island Receives Second Million Dollar
Line of Credit From Fannie Mae
September 21, 2004, Freeport, N.Y. — Long Island
resident Sandra Baldwin's dream of owning her own home is about
to be realized, thanks to a collaboration between New York State
Division of Housing and Community Renewal (DHCR); the Community
Development Corporation (CDC) of Long Island; Fannie Mae and the
Neighborhood Reinvestment Corporation. CDC is a member of the
NeighborWorks network of community development organizations that
was founded and is supported by the Neighborhood Reinvestment
Corporation.
Fannie Mae has given CDC its second million-dollar line of credit
to capitalize CDC's Home Buyer Fund. The CDC and Nassau
County, N.Y., serve as local administrators for New York State's
Voucher Homeownership program, which allows home buyers such as
Baldwin who are voucher recipients to purchase a home. The Home
Buyer Fund is capitalized by Fannie Mae's line of credit
and a $1.4 million grant from Neighborhood Reinvestment. This
fund provides second mortgages to the home buyer, which is then
repaid by the families using their homeownership voucher.
Baldwin's first mortgage for her home purchase will be
from HSBC. Other participating bank partners that make first mortgage
loans to voucher holders include Astoria, Chase, Citibank and
North Fork Bank. Fannie Mae will purchase eligible mortgages from
these and other lender partners.
"With funding from Fannie Mae and Neighborhood Reinvestment
Corporation, we will assist at least twenty families over the
next year in purchasing their first home using our Home Buyer
Fund," said Marianne Garvin, Executive Vice President of
CDC.
Kenneth D. Wade, CEO for Neighborhood Reinvestment added: "Our
goal is to help people into safe, healthy homes through NeighborWorks
organizations like CDC. The support of Congress is critical to
providing capital for families and to ensuring strong neighborhoods."
Congresswoman Carolyn McCarthy, a major supporter of the Voucher
Home Ownership
Program and Neighborhood Reinvestment Corporation said: "Stories
like Ms. Baldwin's illustrate the importance of supporting federal
programs that offer opportunities to hard working, ambitious families.
It is a testament to what people can achieve if given the right
support."
CDC of Long Island is a not-for-profit NeighborWorks organization
whose mission is to support individuals, families, small businesses,
and neighborhoods of Long Island to build and retain assets and
wealth. Working with a diverse client base, CDC helps people to
achieve self-sufficiency and success in the economic mainstream
of society. Prospective first time home-buyers are assisted from
CDC's two NeighborWorks Homeownership Centers, located in Freeport
and Centereach. For more information on CDC, visit www.cdcli.org.
For more information about the NeighborWorks network, visit http://www.nw.org.
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