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Freddie Mac Multifamily’s Targeted Affordable Housing Loans Increased by Nearly 60% in 2022

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Freddie Mac (OTCQB: FMCC) Multifamily’s 2022 production volume totaled $73.8 billion, including a record of nearly $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments. The agency also increased its targeted affordable loan purchases for properties that have a regulatory rent restriction or subsidy by close to 60% to a record $15.3 billion in 2022, up from $9.6 billion in 2021.

“In a year marked by record rent inflation and a rental housing supply crisis, Freddie Mac Multifamily prioritized its affordable housing mission,” said Kevin Palmer, head of Freddie Mac Multifamily. “Not only did we exceed our aggressive affordable housing goals, but we also set a record for Targeted Affordable Housing, ramped up our LIHTC equity investments by 45% and made nearly $2 billion in forward commitments designed to bolster future housing supply.”

Freddie Mac exceeded all its FHFA-set affordable housing goals. Of the 693,000 rental units financed through loan purchases, more than 420,000 were affordable to low-income households earning up to 80% of Area Median Income (AMI), surpassing the 415,000-unit goal. Units affordable to very low-income households earning up to 50% of AMI totaled nearly 128,000, representing 145% of the 88,000 unit goal. Freddie Mac also met 118% of its low-income housing goal for properties with 5 to 50 units with 27,103 units.

In total, nearly 69% of Freddie Mac Multifamily’s volume qualified as mission-driven affordable housing, far surpassing the 50% goal set by the FHFA. As a measure of units financed, 96% of Freddie Mac’s loan purchases supported units affordable at 120% of AMI, 74.1% supported units affordable at 80% of AMI, 43.7% supported units affordable at 60% of AMI and 22.5% supported units affordable at 50% of AMI.

Freddie Mac took action to address the affordable housing supply shortage through a record $1.9 billion in forward commitments, supporting 20,000 future new or rehabilitated affordable housing units. Forward commitments are agreements to purchase loans at a later date with certain financing terms locked in today. The agreements provide greater certainty to construction lenders and housing developers by limiting risks they face when executing complex multifamily deals in volatile markets. Freddie Mac is slated to convert more than 500 forward commitments in the next three years, totaling nearly $8 billion. The company converted 137 forward commitments in 2022, totaling nearly $1.7 billion.

Other 2022 highlights include:

  • $4.4 billion in Small Balance Loans (SBL; through Freddie Mac’s SBL offerings)
  • $2.7 billion in Seniors Housing Loans (including senior-living apartments)
  • $1.6 billion in Student Housing Loans

“The Freddie Mac Multifamily team and our network of Optigo® lenders worked tirelessly to deliver consistent liquidity to a turbulent market in 2022,” said Steve Johnson, senior vice president for Production & Sales at Freddie Mac Multifamily. “We brought our Affordable Housing ‘A game,’ reaching new heights and hitting goals that few thought possible in a shrinking originations market. My sincere thanks and appreciation go out to our lender network and the Freddie Mac team.”

Freddie Mac also today published its annual list of top Optigo lenders, including leaders in Conventional lending, Targeted Affordable Housing, Small Balance lending and Seniors Housing.

In 2022, Freddie Mac securitized $65 billion through its many offerings, transferring a large majority of expected and stress credit risk to third-party investors.

About Freddie Mac

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at, Twitter @FreddieMac and Freddie Mac’s blog


Chris Spina – Media Contact – – (703) 388-7031