WASHINGTON (Inman News Features) - Fannie Mae has donated $300 million of common stock to the Fannie Mae Foundation to continue funding the foundation's mission of expanding affordable housing opportunities. "This new contribution will help the foundation and our nonprofit community partners bring the benefits of decent affordable housing to people and places that need it most," said Fannie Mae Foundation CEO Stacey Davis.
The foundation has invested more than $569 million since 1996 through grant-making activities and loans to more than 2700 local and national nonprofit organizations. The foundation also funds public service outreach campaigns providing home buyer and credit information and other community investment initiatives.
Fannie Mae is the foundation's only donor.
Davis said the new funding, coupled with a $350 million stock donation in 1996 that has produced significant dividends and appreciation, will allow the foundation to invest $1 billion in affordable housing over a 10-year period.