Freddie Mac Delivers 2024 Equitable Housing Finance Plan

Update to three-year Plan continues progress on equitable and sustainable housing

MCLEAN, Va., April 29, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today published its Equitable Housing Finance Plan and Performance Report for 2023 along with revisions to its 2024 objectives and actions within its three-year Equitable Housing Finance Plan. The Plan is the company’s roadmap to promote sustainable homeownership and rental opportunities for traditionally underserved communities across the nation. Since 2022, Freddie Mac has helped more than 764,000 minority borrowers purchase or refinance a home, accounting for approximately 33 percent of the company’s Single-Family acquisitions. 

“Our Equitable Housing Finance Plan is an important component of Freddie Mac’s mission-driven efforts to expand homeownership and improve outcomes for underserved families,” said Pam Perry, Single-Family Vice President of Equitable Housing at Freddie Mac. “In our Single-Family business, our Plan builds on the initiatives that are proven to work – down payment assistance, Special Purpose Credit Programs and consumer education, among other initiatives. While there is more work to be done, we are making steady progress.”

“Freddie Mac’s multifamily efforts are focused on creating and preserving affordable rental housing, driving meaningful advancements for renters and building a more diverse and equitable multifamily finance industry,” said Corey Aber, Multifamily Vice President of Mission, Policy & Strategy at Freddie Mac. “Through this work, we are helping address supply and affordability challenges that acutely impact underserved communities, as well as advance resident-centered practices and increase opportunities for diverse and emerging borrowers and lenders.”

The company today also published a progress report highlighting its accomplishments against the 2023 Plan. 

Updates found within this year’s Plan include the following:  

• Expanding Access to Down Payment Assistance to help first-time homebuyers. In 2023, Freddie Mac launched DPA One, a free, one-stop shop that helps lenders and loan officers quickly find and match borrowers to down payment assistance programs nationwide. Since its release, over 3,600 loan officers have registered for DPA One, which includes nearly 700 DPA programs covering 49 states and the District of Columbia. Throughout 2024, Freddie Mac will continue to enhance the tool and promote DPA One to industry partners focusing on underserved communities.