Freddie Mac announced some pretty extraordinary news this past week that it had set a new record for multifamily production in 2018.
Its multifamily rendering checked in at $78 billion in 2018, beating the previous record of $73.2 billion in 2017. The breakdown includes $77.5 billion coming from loan purchase and guarantee volume, with the other $500 million coming from Low-Income Housing Tax Credit equity investments.
Financing 860,000 rental units has helped more than 90% of the affordable to low-and moderate-income families that consist of 120% of area median income and below.
Freddie Mac didn’t stop there – they also released additional goals they accomplished this past year, which included a record $8.1 billion in Targeted Affordable Housing Loans and $23.1 billion in Green Advantage loans for energy- and water-saving improvements to workforce housing.
With the first month of 2019 in the books, it seems as though the new year is bringing a healthy market for multifamily support.
Debbie Jenkins, executive vice president and head of Freddie Mac multifamily explains, “Far too many Americans are struggling to find suitable housing at a reasonable price, and we are continuing our work toward innovations that can help. We’re also striving to improve the customer experience through our digital transformation initiative.”
With digital platforms taking over the real estate market, Freddie Mac is eager to embrace new technologies that help shape the commercial loan process experience – with technology’s apparent ease in the real estate world, we’ll all have to keep an eye on Freddie Mac’s 2019 record breaking statistics.