Congressman Al Green Joins Capital One to Announce Low-Interest Housing Loans for Hurricane Katrina Victims

(Houston, TX)--Today, Congressman Al Green (TX-09) joined Capital One Bank to announce the banks participation in the new low-interest loan programs created by the United States Department of Housing and Urban Development and Fannie Mae.  Both loan programs, HUDs 203(k) product and Fannie Mae's Community RenovationTM product, offer low fixed-rate loans to finance the purchase of new homes and the renovation of damaged homes. These programs also refinance existing mortgages of damaged properties in need of renovation.

"On August 29, 2005, Hurricane Katrina changed the lives of thousands of people in the New Orleans area and intensified the shortage of affordable housing," Congressman Al Green said.  "These programs, created through the hard work of Capital One, HUD, and Fannie Mae, not only allow families the opportunity to purchase new homes, they also extend the original time frame for completion of renovation to hurricane-damaged homes from 6 months to 18 months.  A home is more than just a simple domicile; for many Americans it is a dream come true the American Dream come true.  I am proud to join Capital One in announcing these important programs to help the victims of Hurricane Katrina rebuild their lives."

Both programs are open to first time home-buyers, as well as existing and previous homeowners.  If families wish to rebuild or renovate they must occupy the property. Additionally, the property must be located in Orleans Parish.  Applicants must meet other qualifying criteria established by HUD, Fannie Mae, and the Finance Authority of New Orleans. The loans offer a low 30-year fixed rate.

For more information on Capital One, please contact Steven Thorpe at 504-533-2753 or via e-mail at steven.thorpe@capitalonebank.com.