Freddie Mac announced the company’s first Equitable Housing Finance Plan, which the GSE says is designed to promote equity and increase sustainable homeownership and rental opportunities for traditionally underserved Black and Latino communities.
The plan focuses on five major areas:
- Addressing the homeownership gap through the Special Purpose Credit Program (SPCP) framework to purchase loans originated through new or existing lender SPCPs.
- Strengthening investment within formerly redlined areas by increasing support for underserved renters and multifamily borrowers and expanding financing for affordable housing developers, among other areas.
- Financing the creation and preservation of affordable housing.
- Increasing opportunities for renters by expanding on the company’s Multifamily tenant credit-building initiative with new tools aimed at encouraging financial empowerment and wealth-building.
- Helping to eliminate disparities among Black and Latino communities by introducing initiatives aimed at improving access to capital for emerging diverse multifamily developers.
The three year plan is already in progress, according to CEO Michael DeVito.
Follow NEXT on LinkedIn for the latest industry news and executive intel.
Related Posts:
RE/MAX: April home sales & inventory fell, prices rose; aboutMYmortgage.com for sale at $5MM; PHFA invites applicants for 2021 Housing Policy Fellowship
Fannie to help lenders, owners, millions of renters in 27,000 properties; HomeStreet suspends $25M in share repurchases; New Vista launches new tech
Zillow doubles down, tracking to lose $300MM on iBuyer venture; CoreLogic: home prices on an upswing & millennials sacrificing to buy
