SEVERAL GROUPS WORK TOGETHER TO REVITALIZE NEIGHBORHOOD NEAR DOWNTOWN GAINESVILLE

Sen Martinez, Rep. Stearns Applaud Effort To Rebuild Historically Significant Neighborhood

Gainesville, FL – A neighborhood rehabilitation initiative begins next month in the Fifth Avenue and Pleasant Street neighborhoods near downtown Gainesville, as part of an effort to attract new residents and retain existing residents. The Gainesville Community Redevelopment Agency, Freddie Mac (NYSE: FRE), one of the nation's largest investors in residential mortgages, and mortgage lender Taylor, Bean & Whitaker announced today the plans for the renovation of and new construction of up to 40 homes.

The goal is to revive the neighborhood by building new homes; rehabilitating empty homes; offering affordable low-down payment mortgages; homeownership workshops and counseling; and up to $7,000 in down payment and closing cost assistance to qualified, mainly first-time, low-to moderate-income homebuyers. The area targeted for revitalization includes properties along the north and south sides of Northwest 4^th Street, extending from Northwest 8th Street on the west to Northwest 3^rd Street on the east. The estimated completion date is 2009.

"Housing affordability is the greatest challenge facing Florida's families – especially working families trying to live in the communities in which they work," said Sen. Mel Martinez (R-FL). "This comprehensive neighborhood revitalization project will create quality, affordable housing for Florida families. Public-private partnerships such as this spur the investment in our communities that is so desperately needed across the state of Florida."

"Owning a home is part of the American dream," said Rep. Cliff Stearns (R-FL). "It is more than a shelter; it provides a focal point for families and a foundation of strength for neighborhoods. I commend the Gainesville Community Redevelopment Agency, Freddie Mac, and Taylor, Bean & Whitaker for their commitment to revitalizing this community."

Gainesville City Commissioner Chuck Chestnut IV said, "Affordable housing gives families the opportunity to take part in helping to revitalize their neighborhoods and will become 70 percent of a homeowner's wealth. Affordable housing is very important because it helps to build wealth in neighborhood rehabilitation initiatives."

"We are helping working families who are struggling to find reasonably priced, quality homes in Gainesville," said Craig Nickerson, vice president of Expanding Markets at Freddie Mac. "Homeownership represents more than just having a roof over your head – it is a financial asset, a driver of individual wealth and the economy, and it is a key component of family stability. We applaud the Gainesville Community Redevelopment Agency and Taylor, Bean & Whitaker for the vision and the commitment to revitalizing neighborhoods and to helping individuals achieve their homeownership dreams."

The Gainesville Community Redevelopment Agency will manage the construction and renovation of homes as well as make available its down payment assistance and homebuyer education and counseling programs. They are also working with local agencies to design the new homes and renovations plans, ensuring adherence to guidelines established by the National Trust for Historic Preservation.

The new 1,200-1,800-square-foot homes will have three-bedrooms, one or two baths. The three-bedroom, two-bath renovated homes will be 1,250-1,800-square-feet.

To ensure borrowers have access to affordable mortgage financing, Taylor, Bean & Whitaker will offer a wide range of low-down payment, flexible credit mortgage products. Freddie Mac will buy eligible mortgages from Taylor, Bean & Whitaker.

"Taylor, Bean & Whitaker is extremely excited about offering mortgage products that really open up new opportunities for home ownership to the people of Gainesville," said Lee Farkas, Chairman of Taylor, Bean & Whitaker. "We are pleased to be working with Freddie Mac and the Gainesville Community Redevelopment Agency."

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and nearly four million renters in America.

Taylor, Bean & Whitaker Mortgage Corp. (TBW), headquartered in Ocala, FL is a Top 15 national wholesale mortgage lender and the largest privately held wholesale institution. The company was incorporated in 1984 and began operations as a small town retail mortgage firm. Since then, TBW has become a respected leader in the industry. The company is now licensed in 47 states and continues to build upon an annual production volume over $10 billion and assets exceeding $550 million. TBW has led the industry in technological innovations designed to provide the best possible service to its clients. Automated technologies, immediate underwriting decisions, live loan status, instant loan registrations and rate locks, along with online closing document capabilities, help TBW's clients deliver a faster and more efficient mortgage process to their customers. For more information about Taylor, Bean & Whitaker Mortgage Corp. visit www.taylorbean.com.

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