Freddie Mac Joins "Hope & Recovery Summit" in New Orleans

Jim Kelly, CEO of Catholic Charities New Orleans; Ralph F. Boyd, Jr., Freddie Mac EVP of Community Relations; Milton Bailey, President Louisiana Housing Finance Authority; and Mtumishi St. Julien, President, the Finance Authority of New Orleans spoke on housing issues during the summit.

Freddie Mac Executive Vice President of Community Relations Ralph F. Boyd, Jr. discussed Freddie Mac and the Freddie Mac Foundation's commitment to housing and sustainable community recovery in New Orleans at a "Hope & Recovery Summit" hosted by United States Senator Mary L. Landrieu to commemorate the second anniversary of Hurricanes Katrina and Rita and the devastating flooding that followed.

The summit featured recovery-related panel discussions followed by remarks and a question and answer session with Presidential candidates, including former Sen. John Edwards, D-N.C. Every Democratic and Republican Presidential candidate was invited to participate, and others are expected to join the Presidential Forum.

Boyd addressed Freddie Mac's commitment to recovering New Orleans, specifically through the following efforts:

Linking employment with housing. Through Freddie Mac's workforce home benefit initiative we are working with lenders to get affordable mortgage products for this city's police, firemen, emergency workers and others.

Purchasing tax credits and loans. In '06 Freddie Mac bought $88 million dollars worth of loans in New Orleans (out of a total of $97 million for Louisiana.) In '07 to date, we have purchased $114 million dollars worth of loans (out of a total of $215 million for Louisiana.) On the equity investment side, through the Low Income Tax Credit program, we are pumping millions of dollars into designated "Go Zones" in New Orleans.

Residential services. Freddie Mac Foundation is also committing millions to provide much needed resident services in New Orleans – linking newly returning residents to basic health and transportation services, getting children enrolled back in school and tutoring programs, and coordinating job training and access to employment opportunities.

The all-day summit included five panel discussions with national and local leaders on key issues related to hurricane recovery and preparedness: Coastal Protection, Levees and Infrastructure; Education; Business Recovery; Rebuilding the Criminal Justice System; and Housing and Sustainable Community Recovery.

"The intent is not to revisit old debates over fault and failure in the days and months after the hurricanes – that is a road well tread," Sen. Landrieu said. "This summit is a forum for fresh ideas and new paths forward for a great city and region."