FOR IMMEDIATE RELEASE

September 22, 2005
CONTACT: Patricia Fuentes, 703-903-3504
or                Shawn Flaherty, 703-903-4284

FREDDIE MAC FOUNDATION ANNOUNCES $1 MILLION FUND FOR FOSTER CHILDREN AFFECTED BY HURRICANE KATRINA
Donation to Help Nearly 4,000 Foster Children, Support Foster Parents, Rebuild Foster Care Non-profits

McLean, VA – The Freddie Mac Foundation is continuing its work in support of the nation’s foster children by committing $1 million to help foster children who are victims of Hurricane Katrina along the gulf coast. The Katrina Fund for Foster Children is part of the Foundation’s $5 million donation to help ease the burden for the thousands of families affected by Hurricane Katrina.

"Hurricane Katrina has made the lives of many foster children, who often already live with displacement, uncertainty and instability, even more difficult. The Freddie Mac Foundation continues its commitment to helping children in America’s foster care system through the establishment of the Katrina Fund for Foster Children for foster children affected by this disaster," said Freddie Mac Foundation Chairman Ralph F. Boyd, Jr.

Hurricane Katrina has affected nearly 4,000 foster children. In the New Orleans area alone, 1,000 foster families have lost their homes. Most of the children affected have remained with their foster families, but have been displaced around the country. The foster parents are now struggling to find stability and the sense of home that they once offered to these children in need.

In addition, many of the community-based organizations that work to ensure that foster children and their foster families have the support and services they need, are now struggling to fulfill their mission.

The Katrina Fund for Foster Children will be devoted to helping meet the needs of foster children, foster parents, and the organizations that support them. The Foundation has chosen to work with two of their national partners, the National Foster Parent Association (NFPA) and the Child Welfare League of America (CWLA), which will receive funds to meet immediate and long-term needs as these are identified. Both organizations have state agencies located in the affected areas as well as throughout the country so they can serve displaced families and children.

NFPA, a member organization comprised of state foster parent associations across the country, will receive funds to provide for the needs of foster families who have been affected by Katrina, and will serve as intermediaries in identifying the needs of foster children and families affected by Katrina. Despite losing their homes, most foster parents have remained committed to the children in their care. NFPA will use the Foundation’s donation to help these parents meet their families’ basic needs, as well as any special needs that government subsidies are not able to cover.

Significant funding will also be directed to CWLA, a member organization that includes public and private service providers focused on helping children and families in need, so it can offer immediate support to the private community-based organizations that assist foster children. The need for these organizations’ help is now tremendous, but their capacity to respond cannot keep up with demand. Many of the organizations located in the affected areas have lost their facilities, as well as staff members who have been displaced. CWLA’s 1,000-member network will help to identify non-profits affected by Katrina and in need of help to maintain their operations.

"The Katrina Fund for Foster Children will initially serve the immediate needs of foster children affected by the hurricane, their foster families, and the organizations that support them. However, the Foundation will continue to seek out other opportunities in the months and years to come that will help strengthen and stabilize these children’s lives and brighten their futures through the Katrina Fund for Foster Children," said Boyd.

The Freddie Mac Foundation’s $5 million commitment to provide relief to Hurricane Katrina victims is part of Freddie Mac and the Freddie Mac Foundation’s $10 million combined donation made earlier this month. Employees are also committed to helping, and the Freddie Mac Foundation is matching their contributions as well as doubling the match for their donations to support Habitat for Humanity’s hurricane relief efforts. To date, employee donations and donation matches total more than $700,000.

Created by Freddie Mac in 1991, the Freddie Mac Foundation is dedicated to opening the doors to hope and opportunity for 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 $250 million in organizations serving the community.