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Fannie Mae presented $1 million to the Corporation for Supportive Housing last week, the first of five “challenge” grants intended to help spur other investments. It also announced a new $100 million low-income housing tax credit fund, teaming with the Enterprise Social Investment Corporation to finance 2,500 new supportive housing units in New York. Both initiatives stem from the company’s American Dream Commitment, which includes $25 million in low-interest loans for acquisition and predevelopment and another $100-million tax credit fund still in the works. Daniel Mudd, Fannie Mae’s vice chair and COO, said he hopes these programs will help Mayor Bloomberg make good on his pledge to create 12,000 units of supportive housing over the next ten years. [07/12/04]

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