Another year is behind us, and I’d like to express my gratitude to our lenders, sponsors, investors and servicers for your collaboration with our team here at Freddie Mac Multifamily. Together, we delivered liquidity and stability to the multifamily market while helping to increase the supply of affordable rental housing in communities across the country.

In 2025, our production volume reached $77.6 billion — a 17% increase over 2024. This includes $1.2 billion in Low-Income Housing Tax Credit (LIHTC) equity investments, $1.1 billion in workforce housing preservation and $2.4 billion in forward conversions.

I’m also pleased to share that nearly 66% of our 2025 volume qualified as “mission-driven affordable housing”, far surpassing the 50% goal.

One of the keys to last year’s success was our focus on meeting market needs with product enhancements and customer-focused process improvements. Highlights from 2025 include:

  • Launching Conventional Forwards, which expanded our popular forwards program to include market-rate properties.
  • Enhancing Lease-Up Loans with an additional borrow-up at first mortgage pricing to increase certainty and reduce costs in the development of multifamily housing.
  • Improving floating-rate structures and updating our Preferred Equity policy to make it easier for Optigo® lenders to expand funding options for borrowers. 
  • Streamlining key processes to deliver a more efficient customer experience while maintaining safety and soundness standards. This included increasing flexibility and predictability of requirements around transfers of ownership and insurance, along with continuing to enhance master servicing technology.
  • Expanding our Long-Term Financing Commitment offering, resulting in $2 billion in new funding, a 42% increase year over year.
    As a result of these efforts, and working closely with all of you, we funded 577,000 quality, affordable rental units — representing housing for hundreds of thousands of families nationwide.

Additionally, we recently announced that we issued $68 billion in multifamily securities last year, transferring interest rate risk, liquidity risk and credit risk away from U.S. taxpayers to private investors.

These results reflect our shared commitment to strengthening the industry and supporting rental housing nationwide. We look forward to continuing this important work together in 2026 and beyond.