SOURCE: Freddie Mac Foundation

Freddie Mac Foundation

May 08, 2013 10:00 ET

Freddie Mac Foundation Announces Plan to Distribute Remaining Funds to Community Partners

Focuses on Housing and Services for Vulnerable Children, Families

MCLEAN, VA--(Marketwired - May 8, 2013) -  The Freddie Mac Foundation has finalized its plan to complete the Foundation's activities and distribute its assets by year-end 2014. The top priority for the plan, which will be implemented in two phases, is to distribute the Foundation funds to current grantees to improve the lives of vulnerable children and their families in the Washington, D.C. region. 

During the current phase one implementation, the Foundation will distribute most of its funding to current Foundation grantees to support and sustain their work over the next few years. Eligible grantees are able to apply for these grants this year. Programs funded will help homeless families find permanent housing, young people succeed in school, and children in foster care lead better lives. Beginning in 2014, The Community Foundation for the National Capital Region will help administer these grants.

"For more than 20 years, the Freddie Mac Foundation has worked with community partners to make a real difference in the lives of children and their families. This legacy will live on for years to come," said Freddie Mac Foundation Executive Director Wendell Chambliss. 

It will live on through people like Tariq, an alumni of Higher Achievement, which is a youth academic program that the Foundation has invested in over the years. Today, Tariq, a Stanford University graduate who works in consulting, credits the program with helping him "accomplish things that once I couldn't imagine." Tariq is now back at Higher Achievement -- this time as a volunteer mentor.

Our partnerships have also made a real difference for families like Martin's, who were homeless. A single dad with two children living out of their car in Montgomery County, Martin and his family found permanent housing and supportive resident services with the help of a long-time Foundation partner. 

Freddie Mac Foundation funding comes from an irrevocable trust created in 2003, so no corporate or taxpayer funding is used. The final transition plan was recently approved by Freddie Mac's conservator, the Federal Housing Finance Agency, as well as the Freddie Mac Foundation Board. 

The Freddie Mac Foundation works to make home a place where children and families thrive, primarily in the Washington, D.C., region. The Foundation partners with nonprofits to: provide stable housing with resident services for vulnerable families; find adoptive homes for children in foster care; and help young people succeed in school and their careers. The Foundation is funded by an irrevocable trust and uses no taxpayer dollars to support the community. The Foundation will wind down its operations by the end of 2014.  

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