WASHINGTON – Fannie Mae plans to provide 1,500 single-family properties from its inventory of Real Estate Owned (REO) for temporary housing for individuals and families displaced by Hurricane Katrina. The company will initially provide the properties rent-free for up to 18 months. The properties are located in states with the highest concentration of evacuees including Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas. Fannie Mae said it will be discussing how best to administer the initiative with HUD and FEMA. In addition to Fannie Mae's response, the Fannie Mae Foundation has donated $1 million to relief efforts through a $500,000 contribution to the American Red Cross, and an additional $500,000 contribution for medium- and long-term efforts supported by the housing industry and housing organizations to help impacted communities in their recovery efforts. Fannie Mae President/CEO Daniel Mudd said the company "continues to assess the situation and are working with our regulators, OFHEO and HUD, as well as industry leaders, lenders and services, and our partners in the impacted areas to determine ways we can be of assistance."