Maxwell Awards of Excellence

The following questions and answers will explain how the closing of the Fannie Mae Foundation will affect the Fannie Mae Foundation Maxwell Awards of Excellence. Please read through this information carefully.

Q: Will there be a Maxwell Awards Program in 2007?

A: Please direct questions about Fannie Mae's philanthropic programs and initiatives to Fannie Mae's Office of Community and Charitable Giving at community_giving@fanniemae.org or 202-752-1900.

Q: What about alumni from the Fannie Mae Foundation leadership programs, such as the Fannie Mae Foundation Fellowship Program to the Kennedy School, the James A. Johnson Community Fellowship Program, the Maxwell Awards of Excellence Program, and the Ash Institute's Innovations in American Government Award?

A: The alumni from the Foundation's leadership programs are part of a broader alumni network of housing leaders. In order to strengthen this network, the Foundation has issued an alumni directory to share contact information with this vast network of alumni from the signature programs. In addition, KnowledgePlex will maintain a Web site for alumni to update their contact information online.

Below is general information on the Fannie Mae Foundation Maxwell Awards of Excellence Program.

In 1988, to commemorate Fannie Mae's 50th anniversary, the Fannie Mae Foundation announced the Awards of Excellence Program. The awards were renamed in honor of David O. Maxwell, who retired after ten years of service as chairman and chief executive officer of Fannie Mae and chairman of the Fannie Mae Foundation.

The Maxwell Awards of Excellence Program seeks to identify, recognize, and showcase the outstanding work of nonprofit organizations in developing and maintaining affordable housing. The program also encourages other corporations and foundations to become funding or investment partners in these endeavors. An independent advisory committee selected recipients for producing the best examples of affordable housing projects during the eligibility period.

Grant Awards
Each Maxwell recipient receives a $50,000 grant to continue its work in the field of affordable housing and community development.

Eligibility Criteria

The project must have been developed or sponsored by a nonprofit organization, i.e., determined by the IRS to be tax-exempt under §501(c)(3).
Projects must have been occupied during the eligibility period to qualify for the Maxwell Awards of Excellence Program.
All projects must have produced a minimum of five units in order to be considered for an award. Projects in which Fannie Mae is either a debt or equity participant are not eligible for consideration.
An organization may apply for a Maxwell Awards of Excellence award for more than one eligible project. However, separate applications must be submitted for each project, and each project can apply to only one award category.
All or a portion of the project must serve the needs of low-income families or individuals. We define "low-income" as at or below 80 percent of the area median income. The Foundation seeks to recognize projects that provide permanent housing for those most in need. Both new construction and rehabilitation projects are eligible for consideration.