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For Immediate Release October
06,
2006
BRONX BOROUGH PRESIDENT, FREDDIE MAC, WASHINGTON MUTUAL AND BRONX HOUSING ORGANIZATIONS CELEBRATE PROGRAM'S FIRST GRADUATESBorough President Carrión and Rep. Crowley Laud Bronx Homeownership InitiativeNEW YORK – Nearly 500 people have attended homebuying orientations since April when the Bronx at Work Housing Series began. The initiative, which is sponsored by the Bronx Borough President's Office, with financial support from Freddie Mac and Washington Mutual, provides homebuyer education and financial literacy training. Additionally, approximately 20 percent of the attendees have enrolled in on-going homebuyer education with 60 graduating thus far and ready to seek out their corner of the American Dream. This is an encouraging step for the Bronx, which has the city's lowest homeownership rate. Workshops are offered in neighborhoods throughout the Bronx by Neighborhood Housing Services of South Bronx, Neighborhood Housing Services of North Bronx, Mount Hope Housing Company, Mid Bronx Desperadoes Community Housing Corporation, and Kingsbridge-Riverdale-Van Cortlandt Development Corporation. "This initiative helps open doors to the American Dream of homeownership and enhances the Bronx renaissance by encouraging its residents to put down roots," said Rep. Joseph Crowley (D-NY). "The Bronx's residents now have additional opportunities to learn about affordable housing in their neighborhood and homeownership options that will help them secure their financial future." "Joining forces with Freddie Mac, Washington Mutual and five of the Bronx's best housing organizations will help us educate families about credit and financial health, the homebuying processes and the experience of homeownership," said Bronx Borough President Adolfo Carrión. "Since implementing this borough-wide homeownership education initiative, we have conducted eight orientations with as many as 120 attendees, which illustrates the great need and hunger for affordable housing and homebuying information." During the past 15 years, the Bronx has seen a renewal of its neighborhoods, increased affordable housing, and community service and economic development that have reversed the previous 25-year pattern of disinvestment and decline. However, the Bronx – with its more than 1.3 million people – has the lowest homeownership rate, which hovers at 20 percent. "Helping families overcome the barriers to homeownership through education is key to building communities," said Craig Nickerson, vice president of Expanding Markets at Freddie Mac. "It's encouraging to see people graduate from this program and we look forward to seeing them become homeowners." The Bronx Borough President's Office brought Washington Mutual, Freddie Mac, NAHREP NYC and designated housing counseling agencies together for this borough-wide financial literacy and homeownership education initiative in order to foster financial literacy in the Bronx; improve stability and quality of life in the Bronx through homeownership; and increase opportunities for first-time homebuyers and underserved households in the Bronx. "With today's changing housing market, there is a tremendous opportunity to work with Bronx residents toward the goal of increasing homeownership," said Donna Wilson, president, Washington Mutual. "This initiative allows us to meet with neighbors on a more personal level and explain how homeownership can be more than a dream." The Bronx at Work Housing orientations are open to the public, however registration is encouraged by calling 718-590-8088. The next seminars are from 6-8p.m. at:
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 more than four million renters in America. Washington Mutual, through its subsidiaries, is one of the nation's leading consumer and small business banks. At June 30, 2006, Washington Mutual and its subsidiaries had assets of $350.70 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,600 consumer and small business banking stores throughout the nation. Washington Mutual's press releases are available at http://newsroom.wamu.com. ###
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