NATIONAL ASSOCIATION OF REALTORSÒ

The Voice for Real EstateÒ

News Release

REALTORSÒ, MAYORS DESIGNATE WILMINGTON, DEL., A 2005 AMBASSADOR CITY

WASHINGTON (June 22, 2005) -- The National Association of RealtorsÒ and The United States Conference of Mayors announced that they are designating the City of Wilmington, Del., a 2005 Ambassador City under the organizations’ Ambassadors For Cities Program and honoring the New Castle (Del.) County Board of RealtorsÒ.

The purpose of the designation is to highlight nationally how the city and its association of RealtorsÒ have worked together to promote affordable housing through public-private partnerships. The National Association of RealtorsÒ and the U.S. Conference of Mayors, through its Council on the New American City, launched the Ambassadors For Cities Program in 2004 to encourage cities and local RealtorÒ associations to form partnerships to promote homeownership and affordable housing in their communities.

The City of Wilmington received the designation because of the joint efforts of Mayor James M. Baker and the New Castle County Board of RealtorsÒ to promote homeownership and employer-assisted housing programs. Mayor Baker announced Monday that the City of Wilmington is joining the State of Delaware’s “Live Near Your Work Program.” This program provides downpayment and closing cost assistance to eligible employees who purchase homes in designated areas.

U.S. Senator Thomas Carper (D-Del.) attended the announcement, which was made at a summit entitled, “Housing: The New Employee Benefit.” The goal of the summit is to encourage local corporations and businesses to create employer-assisted housing programs.

“We sincerely appreciate the recognition of NAR and the U.S. Conference of Mayors and look forward to working with them to promote Delaware’s ‘Live Near Your Work Program,’” said Joe Kreisher, president of the New Castle County Board of Realtors.Ò

- more - #086

CITY OF WILMINGTON, DEL., NAMED 2005 AMBASSADOR CITY – page two

“The Ambassador to Cities program helps expand the relationship between mayors and the people who introduce families to communities -- RealtorsÒ ,” said NAR President-Elect Tom Stevens of Vienna, Va., at the event. “Through this program, RealtorsÒ and mayors work together on affordable housing initiatives that will expand housing opportunities on a city-by-city basis. We’re proud to recognize Wilmington as a 2005 Ambassador City and support the city’s commitment to employer-assisted housing programs.”

The National Association of RealtorsÒ and the U.S. Conference of Mayors will document a series of events throughout the year in Wilmington that promote homeownership. “We hope that Wilmington’s innovative employer-assisted housing program will serve as a model for mayors and RealtorsÒ in other cities to follow,” said NAR’s Housing Opportunity Advisory Board Chair Kit Hale. NAR created its own employer-assisted housing program last year.

“We want to thank Mayor Baker and the New Castle County Board of RealtorsÒ for their partnership that will serve as a national model and best practice for promoting homeownership,” said Tom Cochran, executive director of the U.S. Conference of Mayors.

The National Association of RealtorsÒ, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries. Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site’s “News Media” section in the NAR Media Center.

The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,139 such cities in the country today, each represented in the Conference by its chief elected official, the mayor.

###