News Release

Fannie Mae Foundation Helps Expand Work of Brookings Institution with $2 million Grant for Center on Urban and Metropolitan Policy

The Fannie Mae Foundation, the nation’s largest foundation dedicated to affordable housing, today announced a $2 million grant over five years to the Brookings Institution’s Center on Urban and Metropolitan Policy. The grant kicks off another five-year policy research and analysis partnership between the two organizations, enabling them to expand their policy awareness work in the following areas: urban demographics; urban and metropolitan trends; and sharing research findings through marketing and online resources. The Fannie Mae Foundation launched the Center in 1996 with a five-year, $1 million grant.

As a part of this expanded relationship, the Brookings Urban and Metropolitan Policy Center and the Fannie Mae Foundation will conduct research and produce policy briefs and white papers on a variety of issues related to affordable housing and community development. Key areas of interest for 2002 include low-income households’ ability to generate wealth; the federal Earned Income Tax Credit; 2000 Census data; and Washington, D.C. With $500,000 of the grant, the Brookings Greater Washington Research Program will conduct deeper analysis of demographic and economic trends in the National Capital Region.

All joint publications will be made available on KnowledgePlex the industry’s leading online resource for affordable housing and community development.

“The Fannie Mae Foundation is pleased to provide the Brookings Center on Urban and Metropolitan Policy with this grant,” said Stacey Davis, president and CEO of the Fannie Mae Foundation. “We are honored to work closely with another knowledge leader in the field to help shape new directions for affordable housing and community development. We hope that our work together will better inform our national, state, and local leaders as they prepare to address affordable housing challenges across the country,” Davis added.

“Brookings is extremely grateful for the generous support of the Fannie Mae Foundation and for the valuable partnership our two organizations have had since the launch of the Urban Center at Brookings in 1996,” said Bruce Katz, director and senior fellow at the Brookings Institution Center on Urban and Metropolitan Policy. “This is a period of great economic and social change in urban and suburban America. Local, state and national leaders are eager for sound, objective analysis of these trends and how to address them. With the Fannie Mae Foundation, Brookings plans to continue informing the ongoing debate about how to build sustainable and competitive cities and regions.”

About the Brookings Institution Center on Urban and Metropolitan PolicyL

The Brookings Institution Center on Urban and Metropolitan Policy seeks to shape a new generation of urban policies that will help build strong neighborhoods, cities, and metropolitan regions. In partnership with academics, private and public sector leaders, and locally elected officials, the Center will inform the national debate on the impact of government policies, private sector actions, and national trends on cities and their metropolitan areas. By connecting expert knowledge and practical experience to the deliberations of state and federal policymakers, the Center aims to help develop integrated approaches and practical solutions to the challenges confronting these communities.

About the Fannie Mae Foundation

The Fannie Mae Foundation creates affordable homeownership and housing opportunities through innovative partnerships and initiatives that build healthy, vibrant communities across the United States. The Foundation is specially committed to improving the quality of life for the people of its hometown, Washington, D.C., and to enhancing the livability of the city’s neighborhoods. The Foundation, a private nonprofit organization supported solely by Fannie Mae, has regional offices in Atlanta, Chicago, Dallas, Pasadena, and Philadelphia. For more information on the Foundation, please visit http://www.fanniemaefoundation.org

Style Usage: The Fannie Mae Foundation is a separate legal entity from Fannie Mae (a NYSE-listed company). In order to facilitate clarity and avoid confusion, news organizations are asked to refer to the Foundation exclusively as “the Fannie Mae Foundation” or “the Foundation,” but not as “Fannie Mae.”

About Brookings

The Brookings Institution is a nonprofit organization devoted to independent research and policy solutions. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public.