|
Fannie & Freddie: Making a Difference in the National Capital Region |
| Written by Chuck Bean, on September 30, 2008 |
I toured N Street Village in the District recently; I heard from some of the residents, and I saw first-hand the good work in their night shelter and their supportive housing. I recall when Doorways’ Family Home was under construction over in Arlington; now, this emergency shelter stands as a model, but more importantly, a safe haven for women and children.
Q: What do these important programs at Doorways and N Street Village have in common? And, what do they have in common with several hundred others in DC, Maryland, and Virginia?
A: These programs would not have been possible without the charitable investments of Fannie Mae and Freddie Mac. If Fannie and Freddie local investments are not sustained, these programs – and the people they serve – are at risk.
The charitable investments of Fannie Mae and Freddie Mac have had a profound impact on the people of the Washington region. Last year alone, Fannie Mae and Freddie Mac collectively invested $47 million in nearly 400 nonprofit organizations in the region, including homeless shelters, food pantries and social service agencies. Their investments have stabilized neighborhoods -- visit THEARC in southeast DC. They are “numbers 1 and 2” in philanthropic investments in our region.
If these investments were to suddenly disappear, it would tear a hole in the region's safety net and there would be scores of unmet needs. It would be difficult to overstate how important Fannie and Freddie’s charitable activities are to our region. The Washington Post accurately captured my outlook when I called this “a Category 5” for nonprofits and the people they serve.
No other corporation, foundation, or local government is prepared to make up the difference. If these investments were to suddenly disappear there would be scores of unmet needs – no other corporation, foundation, or local government is prepared to make up the difference.
We must act now so that those now empowered to make these critical decisions are aware of these consequences. The Roundtable has teamed up with the other key regional membership organizations including the Board of Trade, Center for Nonprofit Advancement, Council of Governments, Leadership Greater Washington, United Way, and Washington Grantmakers. Together, with our collective voice, we have written to the Federal Housing Finance Agency, the new chairs and CEOs at Fannie & Freddie, and to our region’s congressional representatives. (See our joint letter.)
Our message: The new leadership within Fannie and Freddie, and the leadership overseeing their conservatorship, need to understand the unique impact of Fannie's and Freddie's local charitable investments in our region. Without Fannie and Freddie’s continued support in these fragile economic times, our neighbors most in need will experience even greater problems.
You can help: Let our new coalition know how you can reach some of the key decision makers.
|
