Press Releases

FOR IMMEDIATE RELEASE
May 21, 2004

THE SHELTER GROUP OFFICIALLY DEDICATES
PARK VIEW AT FURNACE BRANCH

101-Unit Affordable Senior Housing Community in Glen Burnie

Baltimore, Md.- The Shelter Group yesterday officially dedicated its newest affordable senior housing community, Park View at Furnace Branch, located at 7466 Furnace Branch Road in Glen Burnie, Maryland.

The dedication ceremony began with remarks by The Honorable Janet Owens, Anne Arundel County Executive. Also speaking were Jeff Hettleman, Shelter Partner and Executive Vice President of Shelter Development LLC; Mary Burkholder, Director of Community Development Administration, Maryland Department of Housing and Community Development; The Honorable Pamela G. Beidle, County Council Member, District 1 Anne Arundel County Council; and Frank Coakley, Director of Fannie Mae Baltimore Partnership Office. Proud residents Mr. and Mrs. Pittman also spoke at the event. A reception and tours followed the ceremony.

Opened in the fall of 2003, Park View at Furnace Branch is a 101-unit affordable, independent living apartment facility for income qualified senior citizens (100% affordable). The community is located on nearly 3.5 acres in a residential area, convenient to various retail establishments and important services such as a pharmacy and super market.

The record lease-up success of Park View at Furnace Branch is a testament to the need for affordable senior housing in Anne Arundel County. The community has been fully leased since mid-March 2004, a mere four months from the day the first resident moved in on October 22, 2003.

Shelter Partner and Executive Vice President Jeff Hettleman commented on the unique challenges associated with developing an affordable housing site. "Often, affordable housing developers must develop on "tough" sites because they are unable to afford the more desirable locations purchased by market-rate developers," states Hettleman. "But due to the imagination and dedication of the architects and engineers, we were able to fit this beautiful building on the site. Park View at Furnace Branch required a great deal of partnership and cooperation between Shelter, Anne Arundel County, the State of Maryland, and HUD, but together we were able to bring much-needed quality affordable housing to seniors in the Glen Burnie area."

Park View at Furnace Branch is The Shelter Group's 25th Park View community. The Park View concept was created by Shelter to provide affordable housing to independent seniors whose incomes are too high to qualify for government assistance but too low to allow entry into market rate apartments. Shelter's other Park View communities are located within the Baltimore/Washington Metropolitan area and in central and eastern Pennsylvania.

The development of Park View at Furnace Branch was made possible through a combination of loans from the State of Maryland and Anne Arundel County in addition to a Payment in Lieu of Taxes from Anne Arundel County. In addition, the State of Maryland provided Shelter with an allocation of tax credits that were syndicated with MMA Financial, LLC. Fannie Mae was the investor in the tax credit equity.

"Fannie Mae is proud to be a partner in expanding the supply of much needed affordable housing for seniors in Glen Burnie," said Frank Coakley, director of Fannie Mae's Baltimore Partnership Office. "Our investment in Park View at Furnace Branch reflects our recent national partnership and commitment with AARP to promote livable communities with a special focus on mid-life and older Americans."

About Fannie Mae
Fannie Mae (FNM/NYSE) is the nation's largest source of financing for home mortgages and affordable rental housing. Fannie Mae's investment in Park View at Furnace Branch follows the recently announced national American Dream Commitment® to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent by 2014; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most

About Shelter
The Shelter Group is a national real estate development and property management company specializing in multi-family and senior living communities. From its founding in 1977, Shelter has grown into a top-ranked development and property management company. The firm's portfolio contains a broad range of properties, including conventional multi-family real estate, independent and assisted living communities for seniors, and affordable housing for families and the elderly. During its 27-year history, Shelter has developed nearly $1 billion of real estate and is known for its ability to develop properties that meet the needs of each local market while meeting the goals of its investors. Shelter has Regional Offices in Baltimore, Dallas, and Atlanta with additional concentrations of properties in Florida, Tennessee and North Carolina.

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