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Social bonds issued to assist underserved communities

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Financial Stability, Industry Spotlight
Friday, June 11, 2021
Freddie Mac’s multifamily business will soon issue $230 million in social bonds to provide 1,267 rental homes across 39 states and the District of Columbia for individuals with intellectual and developmental disabilities.

“Freddie Mac Multifamily is incredibly proud to bring our first social bonds transaction to market providing housing for individuals with intellectual and developmental disabilities,” Robert Koontz, Freddie Mac Multifamily senior vice president of capital markets said in a release. “This transaction represents our commitment to ensuring safe, affordable housing that meets the needs of the community it serves. Our impact bonds, and specifically the social bonds framework, encourage innovation to provide solutions that meet the unique needs of underserved communities.”

The social bonds proceeds will be used to address the shortage of community-based homes critical to the “deinstitutionalization” of care for individuals with disabilities. The rental homes will provide 4,462 beds, about 90 percent being affordable to people with very low incomes making 50 percent of the area median income and allow individuals with disabilities to live and work in their communities.

This social bonds structured transaction is a REMI – FHMR 2021-P009 issuance backed by a pool of multifamily PCs, the release stated. The proceeds from the bonds will be used either to provide liquidity to social impact financial institutions for financing of affordable housing or to finance multifamily properties originated by the Freddie Mac Multifamily Optigo network that are affordable to an underserved population.

“Institutions receiving liquidity and properties financed from social bonds proceeds are expected to foster various socioeconomic opportunities for residents and their communities, in addition to providing affordable housing to low- to moderate-income families,” Freddie Mac stated.

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