Fannie Touts AH Partnership With NAHB

Fannie Mae has announced a partnership with the National Association of Home Builders to kick off the third phase of the company's expanded American Dream Commitment.The partnership will place special emphasis on the growing affordable housing needs of working professionals (such as police officers, firefighters, teachers, and health care providers) who cannot afford to live in the communities they serve. Fannie Mae and the NAHB will focus on strategies that combine existing Fannie products and services with new approaches. Fannie cited findings from various housing studies showing that, as the gap between home price growth and income growth widens, housing affordability is dropping for many middle-income households. The first step will be the creation of a Metropolitan-Area Workforce Housing Initiative in an area to be identified by the end of June. The chosen community will serve as a laboratory for Fannie, local homebuilders, lenders, mortgage insurers, Realtors, nonprofit organizations, government agencies, and other partners.