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FOR IMMEDIATE RELEASE
May 14, 2003
CONTACT: corprel@freddiemac.com
or phone (703) 903-4384
FOUNDATION CREATES $2 MILLION EMERGENCY
FUND TO SUPPORT LOCAL NONPROFITS IMPACTED BY
ECONOMIC DOWNTURN
Grants To Fund Continuation of Direct Services to Children and Their Families
McLean, VA - The Freddie Mac Foundation announced
today the creation of a $2 million Helping
Hand Emergency Fund to support Washington,
DC area non-profits experiencing a shortage
of funds, so they may continue offering vital
programs and services to the community now
funded by the Foundation.
The current economic downturn, city and state
budget cuts and the United Way's shortfall
in raising funds have significantly hindered
many non-profits working to support the community's
children and their families. As a result, many
of these organizations' programs and services
are in danger of being scaled back or eliminated.
The Helping Hand Emergency Fund will serve
to help sustain the programs and services of
non-profits supported by the Foundation during
the past two years.
"At the Freddie Mac Foundation, we are
committed to this region and to opening doors
of hope and opportunity for children and their
families," said Maxine B. Baker, president
and CEO, Freddie Mac Foundation. "We don't
want to see the strides we've made in funding
programs and services that help improve their
chances for a brighter future undone by the
current environment."
The Foundation focuses on strengthening families
by preventing child abuse and neglect, helping
foster children find adoptive homes, and developing
youth. In addition to sponsoring its signature
programs — Healthy Families America, Wednesday's
Child and J.C Nalle Community School — the
Foundation supports the community by providing
funds for various non-profit organizations
serving children and their families.
The Helping Hand Emergency Fund will provide
grants that are in addition to the Foundation's
usual giving. These funds will only support
direct service grants. To be eligible, local
non-profits must have programs or services
that have been supported by a Freddie Mac Foundation
grant in both 2001 and 2002, and are in jeopardy
of being reduced or eliminated. A total of
109 organizations are eligible to apply for
grants from the Emergency Fund.
"We realize this money is a temporary
solution," said Maxine. "Right now,
we want to help address the immediate needs
of these nonprofits and assist them in continuing
to provide vital services to children and their
families. The Foundation has made an ongoing
commitment to this community. Supporting local
non-profit programs that we've previously funded
during these tough times and helping them plan
for the future is part of our commitment."
The deadline for non-profit organizations
to apply for Helping Hand Emergency Fund grants
is July 2, and grantees will be notified by
August 20.
A local philanthropic leader, Freddie Mac
Foundation funding has helped better the lives
of more than 1.5 million children, most of
them here in the District and surrounding region.
Last year alone, Freddie Mac and the Foundation
donated nearly $32 million nationwide, nearly
$20 million of which was invested to strengthen
the Washington metropolitan area community.
Created by Freddie Mac in 1991, the Freddie
Mac Foundation is dedicated to opening the
doors to hope and opportunity to children and
their families. As one of the largest corporate
funders in the Washington, DC metropolitan
area, Freddie Mac and the Freddie Mac Foundation
have invested more than $165 million in nonprofit
organizations serving children and families.
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