All the properties involved in the transaction received financing through 9% Low-Income Housing Tax Credits, and approximately 3,400 of the units financed are affordable to low-income residents, earning 50 percent or less of area median income (AMI). IMPACT swapped 77 loans, totaling nearly $141 million, for Freddie Mac guaranteed Multi PCs. It’s right in line with our mission.”įreddie Mac also announced its first execution using the new structure with San Francisco-based IMPACT Community Capital, which is a leading impact investment manager investing in underserved communities. By swapping Freddie Mac PCs through a low-cost execution, we can provide more liquidity for affordable housing. “These affordable housing lenders generally lack the scale to access capital markets in a cost-effective manner. “The Private Placement PC Swap allows small financial institutions to access additional liquidity,” said Robert Koontz, senior vice president of Freddie Mac Multifamily Capital Markets. The new structure is a variant of Freddie Mac’s 55-Day Multifamily PC Swap. The Multi PCs, which are guaranteed by Freddie Mac, can then be sold to investors, returning liquidity to the financial institution. The newly created Private Placement PC Swap execution (PPP) enables a lender to swap a pool of loans backed by affordable properties for Freddie Mac Multifamily PCs backed by the loans. MCLEAN, Va., (GLOBE NEWSWIRE) - Freddie Mac (OTCQB: FMCC) today announced a new effort to help financial institutions with less than $10 billion in assets access additional liquidity for the financing of affordable housing.

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