The Fair Housing Center of West Michigan Prepares to Distribute Its Share of a $53 Million Fannie Mae Settlement
The Fair Housing Center of West Michigan is one of 20 housing organizations across the country preparing to distribute funds from a landmark $53 million settlement that the National Fair Housing Alliance reached with Fannie Mae.
The Feb. 7 settlement resolved claims that Fannie Mae failed to maintain homes it owned in majority-Black and Latino communities compared to foreclosed homes Fannie Mae owned in predominantly white neighborhoods. The Fair Housing Center of West Michigan (FHCWM) will receive $600,000 from the settlement to invest in nonprofits in Grand Rapids and $600,000 to invest in Muskegon, said FHCWM Director of Advocacy Elizabeth Stoddard.
“The purpose of the funds is to try to counteract some of the issues that occurred due to the lack of maintenance and marketing,” Stoddard said. “The funds will be geared toward neighborhood stabilization and rehabilitating properties.”
