Fannie Mae last week said that more than 45% of the homes it financed in 1997 were for low- and moderate-income households.
Almost 29% of these homes were in underserved communities nationwide, the mortgage agency said. Fannie also said low- and very low-income households in both single-family and multifamily homes accounted for 19% of the homes it financed in 1997. Last year minority borrowers made up more than 17% of households served by Fannie Mae.
Separately, Freddie Mac, based in McLean, Va., reported that its multifamily division had invested $209.5 million in low-income housing tax credits in 1997.
Freddie has helped finance more than 75,500 homes in more than 1,000 areas since it began participating in the housing tax credit program in the late-1980s.