Freddie Mac is planning to offer at least $3 billion in single-family affordable housing bonds, the company announced. The new bond program will support affordable homeownership and serve historically underserved markets.
The company said to underscore this effort, it will offer about $285 million in uniform mortgage-back securities backed by loans purchased through its Home Possible program, which provides assistance to very low- to low- income potential homebuyers such as offering lower down payments.
“Freddie Mac is committed to creating additional opportunities for families to access quality housing – and today we are announcing a major action in support of that goal,” Freddie Mac CEO Michael DeVito said.
“Through this new, multi-billion-dollar affordable housing bond program, we are providing focused liquidity, stability and affordability designed to bring sustainable homeownership opportunities to lower-income borrowers across the country. This is also intended to give investors a vehicle to invest in underserved communities.”