69 Investments Across 24 States and Territories Underscores Commitment to Rental Affordability
MCLEAN, Va., Jan. 21, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced it has topped the $1 billion mark in Low-Income Housing Tax Credit (LIHTC) equity investments after reentering the market in 2018. The investments in low-income housing span underserved communities in 22 states, Puerto Rico, and Guam and provide more than 8,500 homes for households that struggle to find safe and affordable rental housing.
“As a LIHTC equity investor, we’re looking to support underserved communities with investments in properties that might have been overlooked,” said Steve Johnson, vice president of Production and Sales for Freddie Mac Multifamily’s Targeted Affordable Housing (TAH).
Steve Gildersleeve, who leads the LIHTC equity effort as a Freddie Mac Multifamily TAH director, added, “Each one of these investments has a story worth telling. Whether it's housing for veterans who are struggling with homelessness, rebuilding for resiliency after a natural disaster, or providing quality housing for families in rural parts of the country — we are working to support affordable rental housing where it’s needed most.”
Freddie Mac has created an interactive map that details each of its LIHTC equity investments, including property names, locations, the number of units financed and other key facts. Since 2018, Freddie Mac has been authorized to make up to $500 million in LIHTC equity investments annually and met this quota in both years since.
Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than 90% of the eligible rental units we fund are affordable to families with low-to-moderate incomes earning up to 120% of area median income.
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 FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
MEDIA CONTACT: Mike Morosi
(703) 918-5851
Michael_Morosi@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/070bbb36-ffd0-4f08-b6fe-c659592b93cb