Fannie Mae Executive Says GSE is Committed to LIHTC Program
Speaking yesterday to participants at the National Council of State Housing Agencies (NCSHA) Housing Credit Conference and Marketplace, Edwin B. Neill, vice president of equity investments at Fannie Mae, reiterated Fannie Mae’s commitment to the low-income housing tax credit (LIHC) program. Neill reports that Franklin D. Raines, Fannie Mae chairman and CEO, sent a letter this month to President Bush outlining a 10-point plan to help advance the Bush administration's homeownership proposals, including the creation of a single family affordable housing tax credit, while pledging that the new credit would not diminish Fannie Mae’s investment in the LIHC. “Fannie Mae will purchase single family affordable housing tax credits proposed by your administration upon enactment, while also maintaining at least our current level of investment in [LIHCs] as the nation's largest investor in these tax credits,” the letter says. Click here to view Fannie Mae’s letter and for more information on homeownership proposals.