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Fannie Mae Fund Teams With Housing Division

DENVER-The American Communities Fund is chipping in $3 million to help the Colorado Division of Housing finance nearly 70 housing units in three areas of the state.

By John Rebchook | Updated on September 12, 2002

DENVER-Fannie Mae’s American Communities Fund is providing $3 million to jointly finance new developments with the Colorado Division of Housing. Fannie Mae, the nation’s largest originator of mortgages, is helping the state stretch scare resources to provide financing for key housing developments in priority rural and urban areas.

Fannie Mae already has participated with Colorado in building 42 units of for-sale housing in Ellicot Springs, a growing area in rural El Paso County; seven units of low-income housing in the Hillside neighborhood of Colorado Springs; and 20 units of affordable rental housing in Kit Carson County, a rural area with a scarcity of rental housing for working and young families.

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