FOR IMMEDIATE RELEASE
Contact: Lauren Hames, City of Orlando
407-246-3106
Susan Adams, Fannie Mae, 404-398-6425

MAYOR DYER ANNOUNCES NEW $7,500 HOMEOWNERSHIP BENEFIT FOR CITY OF ORLANDO EMPLOYEES

City’s Effort Expands Reach of Housing Opportunities for Florida’s Workforce Initiative

(see photos)

ORLANDO, Fla. (January 29, 2004) -- In an effort to help more working families achieve homeownership, Mayor Buddy Dyer Friday at 10 a.m. at the Orlando City Hall Rotunda will announce a new employer-assisted housing (EAH) benefit offering $7,500 in down payment and closing cost assistance to eligible city employees to help them buy homes within Orlando city limits.

The city’s EAH plan, which was designed with technical assistance from Fannie Mae, is part of the new Housing Opportunities for Florida’s Workforce (HOFW) Initiative.

HOFW is a joint effort that was launched in July 2003 by the Florida Association of Realtors (FAR), the Orlando Regional Chamber of Commerce, the City of Orlando, Orange County and Fannie Mae to increase affordable homeownership opportunities among Central Florida’s workforce through access to housing information and education, homeownership assistance and low-cost financing options. Through the combined efforts of real estate professionals, local governments and lending and business partners, HOFW utilizes EAH benefit plans to achieve its goal of increasing housing and economic development opportunities throughout the region.

“Homeownership is a critical component to building healthy and stable neighborhoods,” said Mayor Dyer. “The city is proud to join the HOFW effort to make homeownership more affordable for our employees. Encouraging homeownership, especially in city neighborhoods, benefits the entire community.”

“FAR is thrilled that the city is offering a generous homeownership benefit to its valued employees,” said Jerry Matthews, executive vice president of FAR. “Under Mayor Dyer’s leadership, housing is a top priority. The city is boldly setting a model for local employers to follow.” FAR, which is based in Orlando, was the first local organization to offer EAH benefits to its employees under the HOFW initiative.

Under the EAH benefit, the city will provide eligible employees with a $7,500 loan, forgivable over five years, toward down payment or closing costs for purchase of an existing home or new construction within the Orlando city limits. The funds are being made available through the city’s Down Payment Assistance Program. Employee eligibility is limited to first-time homebuyers earning 120 percent or less of the area median income ($64,620 for a family of four). As part of the EAH plan, all city employees, regardless of income, can take advantage of homeownership seminars and have access to credit repair counseling and low-cost financing options offered through participating lenders including: Huntington Mortgage, SunTrust, Wachovia and Washington Mutual.

“The city’s new EAH is a winning proposition for all involved,” said Lelia Allen, the City of Orlando’s director of housing. “The city has the opportunity to recruit and retain hard-working employees with a cutting-edge benefit while encouraging homeownership in local neighborhoods.”

Fannie Mae provides technical assistance at no cost to employers who would like to develop customized EAH plans. Employers can choose from a variety of EAH benefit options including access to home-buying information, or a financial benefit such as a loan or grant to help fund down payments, closing costs or interest rate buy downs. In turn, EAH is a tool that employers can use to attract and retain qualified employees, revitalize neighborhoods and reduce employee commutes. To date, Fannie Mae has assisted more than 525 public and private employers across the nation.

“We commend Mayor Dyer for his commitment to helping city employees own a piece of the American dream,” said Judith Kovisars, director of Fannie Mae’s Central Florida Partnership Office. “Fannie Mae is proud to support the vision shared by FAR and the other HOFW partners to strengthen Central Florida by improving homeownership opportunities for our regional workforce. We stand ready to help local employers design EAH benefit plans that allow their employees to achieve homeownership.”

For more information about the City of Orlando EAH effort or the Homeownership Initiative, please contact the City’s housing department at 407-246-2708.

Employers interested in learning more about how to develop EAH plans should call Fannie Mae’s Central Florida Partnership Office at 407-487-5900.

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