From: "Friends of Transit" Subject: UTA Joins Fannie Mae, Credit Union for 'Smart Commute' Mortgage Program Date: Monday, October 07, 2002 11:37 PM UTA Joins Fannie Mae, Credit Union for 'Smart Commute' Mortgage Program The Utah Transit Authority in Salt Lake City has entered into a partnership with Fannie Mae and America First Credit Union to launch the "Smart Commute" initiative along the Wasatch Front. This program, which was announced in an event Aug. 26, is an innovative new mortgage program that links home ownership with public transportation. People who purchase homes within one-quarter mile of a UTA bus stop or one-half mile of a UTA TRAX light rail station can apply for a mortgage under the Smart Commute initiative, receiving benefits such as low down payments; a three-month TRAX/express bus pass or a six-month TRAX/regular bus pass provided by UTA; and an allowance added to the applicant's monthly income to account for the money saved by using transit to commute to work. By adding this allowance to their monthly income, applicants can qualify for a larger mortgage. UTA explained that a mortgage under the Smart Commute Initiative gives customers greater purchasing power and transportation flexibility, because it allows regular transit use to reduce or even eliminate the expense of owning and maintaining a vehicle. Speakers at the Aug. 26 program included U.S. Rep. Jim Matheson (D-Utah); Federal Transit Administration Region 8 Administrator Lee O. Waddleton; and representatives of UTA, Fannie Mae, and America First Credit Union.