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Fannie Mae mortgage group announces Nevada project

Thursday, April 1, 1999 | 10:27 a.m.

Fannie Mae, the nation's largest source of mortgage financing, announced Tuesday that it will invest $7 billion in Nevada over the next five years to provide housing for 80,000 families.

Over the past three years the Federal National Mortgage Association, known as Fannie Mae, has provided more than $5 billion in mortgage funding for 61,000 families.

The announcement of the new funding came during the first Fannie Mae Nevada Housing Symposium, held in partnership with the Lied Institute for Real Estate Studies.

"Housing is one of the most important issues facing Nevada today," Sen. Richard Bryan said in a prepared statement. "That is why I have worked closely with Fannie Mae and its housing partners to help educate both urban and rural residents about the home-buying process."

The first three-year plan called for housing 50,000 families, a number exceeded by 11,000.

"The partnership between Fannie Mae and Nevada has been a win-win for Nevada families," Charlene Peterson, director of Fannie Mae's Nevada Partnership Office in Las Vegas, says.

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