Bridgeport Public Schools Announces Employee Homeownership, Education Initiative With Freddie Mac, Chase, Urban League

BRIDGEPORT, Conn., May 15 /PRNewswire/ -- The Bridgeport Public School District joins with Freddie Mac , Chase and the Urban League of Southern Connecticut to announce an innovative homeownership initiative designed to help the 27,500 district-wide employees of Bridgeport Public Schools become residents in the communities they serve, shorten their commutes, increase their financial savvy through homebuyer education workshops, and help with recruiting efforts.

The initiative is designed to help employees overcome challenges when seeking homeownership and obtaining affordable housing. Many tools are available through Workforce Home Benefit, Freddie Mac's signature employer-assisted housing resource. Workforce Home Benefit initiatives connect employers with local groups to provide their employees with a variety of home buying resources, including flexible mortgages, local down payment and closing cost resources, and homebuyer education classes. For the Bridgeport Public Schools initiative, the Urban League will hold a series of housing fairs and Freddie Mac Get the Facts! workshops at several schools throughout the year.

"This partnership is truly a win-win for the Bridgeport community as well as our school system. Making the dream of homeownership a reality for our employees by offering special incentives and educational workshops will rebuild our communities, strengthen our schools and help us to collectively take a proactive approach to addressing the housing issue," commented Dr. John J. Ramos, Superintendent of Bridgeport Public Schools.

"We look forward to helping Bridgeport school employees learn more about what it takes to get a mortgage and what it takes to own a home," said Michael Dubois, Chase's national manager for the Emerging Markets and Affordable Lending group. "Our mortgages, including first-time homebuyer loans, help consumers achieve and sustain homeownership."

Craig Nickerson, vice president of Expanding Markets for Freddie Mac, added, "Employer participation in Workforce Home Benefit initiatives is one solution that addresses the growing problem of long commutes while at the same time provides employees with information on how to better manage their finances and understand the responsibilities of homeownership. We are pleased to be part of this effort with Chase and Bridgeport Public Schools to help more individuals become homeowners and to add important momentum to the rebuilding and strengthening of neighborhoods throughout Bridgeport."

The Get the Facts! workshops, offered to employees by the Urban League of Southern Connecticut, will provide a complete spectrum of homeownership information, including an overview of homeownership responsibilities, tips about selecting real estate professionals, improving one's credit position, obtaining mortgage financing, budgeting, saving for down payment and how to access local down payment assistance programs. Representatives from Chase will participate in the workshops and explain how to qualify for a mortgage. Freddie Mac will then buy eligible loans from Chase. In addition, the Urban League can provide employees with additional help to improve their credit and assist in foreclosure prevention if they need it.

"The Urban League of Southern Connecticut is excited to be working with Freddie Mac, Chase and the Bridgeport Public Schools to provide the necessary tools to empower communities and change lives," said Valarie Shultz-Wilson, president & CEO of the Urban League of Southern Connecticut. "We firmly believe that collaborations such as this further the Urban League's ability to provide pre- and post-purchase education and counseling, having served over 800 first-time homeowners in Connecticut with a zero foreclosure rate."

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily 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 more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters. For additional information about Freddie Mac, visit: http://www.freddiemac.com/.