Meeting Our Mission Wherever It Takes Us
Freddie Mac Multifamily always has been committed to strengthening the housing finance industry and promoting housing affordability. That work is central our mission to meet the country’s housing needs in good and challenging times.
As announced earlier this month, we furthered our mission-driven efforts with the release of the Freddie Mac Equitable Housing Finance Plan — a three-year blueprint across Single Family and Multifamily that seeks to promote a more accessible and equitable housing market. The Multifamily parts of the Plan span four important themes:
- Increasing opportunities for renters
- Increasing access to capital for diverse borrowers and lenders
- Preserving existing affordable housing stock
- Helping to increase the supply of affordable housing
Executing on our plan requires leveraging and expanding the use of existing loan offerings such as our Forward Commitments and Preservation Rehab loans; finding ways to help borrowers preserve affordable rents and enhance tenant services; and embarking on new research and initiatives that improve the market’s understanding of how we can better support and enable greater social and economic mobility for renters.
Join the Journey
As you can see, our commitment to promoting equitable housing is just getting started. In a big way, the Plan synthesizes and builds upon work we already have underway. For example, we launched our Credit Building initiative November 2021, and by the end of April this year:
- More than 70,000 households have onboarded with Esusu across 800+ properties using Freddie Mac’s incentives.
- Over 15,000 new credit scores have been established and 67% of participating renters saw an increase in their existing credit score.
- For those who had existing credit scores and saw an improvement because of the Credit Building initiative, the average score increase was 41 points.
Ready for New Roads
Stay tuned over the coming weeks and months as our work associated with the Plan continues to unfold. We’ll be providing ongoing guidance from our business leaders as well as our subject matter experts on the Multifamily activities within the Plan. We’ll also share more information about how members of the multifamily community can participate in this important effort.
Just as we have always worked side by side with our Optigo® network to get business done, working together to support a more equitable finance system will present opportunities for everyone involved. The actions we take to support a more equitable multifamily housing industry can open doors to new possibilities. Working together, we can translate these possibilities into meaningful accomplishments.
2022 Midyear Multifamily Outlook
Steve Guggenmos, Vice President, Research & Modeling