CLEVELAND Fannie Mae on Friday announced a $100 million program intended to boost homeownership among low- to moderate-income borrowers in the Cleveland area.
It has agreed to purchase $100 million of loans in the next three to five years from seven local lenders through the Cleveland Affordable Housing Initiative.
Representatives from KeyCorps KeyBank subsidiary were on hand for the announcement and said KeyBank has delivered its first package of 19 loans, worth $1.4 million, through the program. It said it will use the proceeds from the resale of loans to expand its commitment to affordable-housing loans in Cleveland.
Congresswoman Stephanie Tubbs Jones, who helped in developing the program and unveiled it at her office here, said she hopes increased homeownership will strengthen the citys neighborhoods.