REP. HOOLEY, CNHS, COCAAN, UCDC, AND FREDDIE MAC LAUNCH CAMPAIGN TO BOOST HOMEOWNERSHIP AMONG POPULATIONS IN OREGON

Salem, OR – Representative Darlene Hooley (D-OR) of the 5th Congressional District, Corvallis Neighborhood Housing Services (CHNS), Central Oregon Community Action Agency Network (COCAAN), Umpqua Community Development Corporation (UCDC), Freddie Mac (NYSE: FRE), Oregon Housing & Community Services and NeighborWorks America today announce a new initiative in nine Oregon counties to provide information and resources to help low- to moderate-income renters become homeowners.

Oregon Homeownership Partners (OHP) is a unique collaboration of three NeighborWorks® Campaign for Home Ownership organizations: CHNS, COCAAN and UCDC; Freddie Mac; and Oregon Housing and Community Services.

Services offered include outreach efforts in low-income and Latino communities, comprehensive homebuyer education and counseling, flexible mortgage products, and down payment and closing cost assistance. For example, individuals will receive one-on-one pre-purchase counseling to help them understand and improve their credit scores and spending habits; homebuyer education classes to increase understanding of the mortgage process; and post purchase classes on home repair and maintenance.

"The dream of homeownership is becoming a reality for many low- to moderate-income families throughout the state of Oregon thanks to the Oregon Homeownership Partners initiative," said Congresswoman Hooley. "I applaud the partners' contributions to the community and their efforts to better position more families to live the American dream of becoming a successful homeowner."

"Freddie Mac puts its mission to expand homeownership first," said Craig Nickerson, Freddie Mac vice president of Expanding Markets. "Teaming up with Representative Hooley and the other participants in this initiative will help more low- and moderate-income Latino families build strong credit on a foundation of sound information about personal financial management, banking and homeownership."

A Freddie Mac study found that pre-homeownership counseling is extremely effective in helping borrowers make their mortgage payments on time, reducing mortgage delinquencies by as much as 34 percent.

"We want to do more to help low income people buy their first home because it makes such a difference in the quality of their lives and children," said Jim Moorefield, executive director of Corvallis Neighborhood Housing Services. "We are especially proud about the innovative, collaborative approach we are offering with COCAAN and Umpqua CDC. We could not do any of this without the critical support from Freddie Mac, Oregon Housing and Community Services and NeighborWorks America."

"The Home Ownership Partnership is not only about making the American Dream come true for families. It's about assuring that families have the skills and best mortgage products to sustain what may be their greatest asset – their home," added Sharon Miller, COCAAN executive director. "This initiative is creating opportunities for future generations."

As the largest certifier of homeownership education counselors, NeighborWorks® strives to assure that homebuyers are able to keep their homes and build equity by understanding the terms of their mortgage and actions that increase home values. This is the core of NeighborWorks America's Full Cycle Lending Concept. "We must ensure that homeownership is built upon the solid foundation of consumer knowledge which contributes to family stability and a positive financial future," said Margaret Frisbee, district director, NeighborWorks® America.

Rick Crager, acting director of Oregon Housing and Community Services, added, "We are proud to be a supporter of this unique collaboration and innovative project. The Oregon Homeownership Partners will help more low to moderate income Oregonians realize their dream of homeownership."

"Many lower income families have never been able to afford to purchase homes because they lack the funds needed for down payment and closing costs," said Betty Tamm, executive director of UCDC. "This initiative helps to educate, counsel and assist families in accessing programs that will give them more purchase power at an affordable rate. Alternatively, it is the moderate- income residents who fall between the cracks; earning too much for assistance but not enough to get them started in building assets through homeownership. This program also helps fill that gap."

"Just a couple of years ago, as a divorced single female, I had not believed it possible for me to realize the dream of owning my own home until I became aware of a COCAAN first-time buyers assistance and education program," said South Village homeowner Debra Fisher. "Now, I am the proud owner of my very own beyond beautiful, brand new home. I cannot thank you enough."

Individuals who want to take advantage of the OHP initiative should contact:

In Coos, Curry and Douglas Counties, Umpqua CDC at 541-673-4909
In Lane County, Neighborhood Economic Development Corp. at 541-345-7106
In Linn and Benton Counties, Corvallis NHS at 541-752-7220
In Jefferson, Crook and Deschutes Counties, COCAAN at 541-322-9185

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and nearly four million renters in America.

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