Citi, Fannie Unveil $100B AH Alliance

CitiMortgage and Fannie Mae have announced the largest affordable housing lending alliance in Fannie Mae's history, which they said will provide $100 billion in affordable mortgage financing through the end of the decade.The initiative will target families with incomes at or below the median level for their communities, including minorities, new immigrants, residents of central cities and other underserved areas, and people with special housing needs, Citi and Fannie said. The partnership is part of CitiMortgage's $200 billion affordable housing commitment under its Opportunities Within Neighborhoods program. The lending initiatives will be offered nationally through all CitiMortgage affiliates, and Fannie Mae has pledged to buy all the eligible loans. Products to be offered include a Closing Cost Assistance Program; CitiAffordable Mortgage and CitiAffordable Purchase Assistance programs that provide low-downpayment options and flexible qualifying criteria; and Fannie Mae's MyCommunityMortgage low-downpayment program and Expanded Approval/Timely Payment Rewards programs. Citi and Fannie also announced the completion, two years early, of a $12 billion, five-year commitment made in 2000. CitiMortgage can be found online at http://www.citimortgage.com, and Fannie can be found at http://www.fanniemae.com.