MIAMI - In a Labor Day speech, President Clinton announced an agreement between the Federal Home Loan Mortgage Corp. and the AFL-CIO Housing Investment Trust to create more than 10,000 housing units nationwide for people with low incomes.
The $200 million mortgage partnership win fall under the umbrella of the National Partnership for Community Investment, an alliance between the Department of Housing and Urban Development and the AFL-CIO, which plans to invest $1.2 billion over the next five years.
Mr. Clinton made the announcement at the Caribbean West Apartments in Dade County, Fla., which was severely damaged by Hurricane Andrew and will be rebuilt under the auspices of the partnership.
Freddie Mac will initiate the program with a $9.5 million loan purchase, providing permanent financing for 328 recently renovated apartments in nearby Opa-Locka, Fla.
