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Affordable Rental Housing
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Through Freddie Mac's Program Plus® lender network, Freddie
Mac will work with you to finance rental properties that are affordable
to families with low- and very low- incomes and rental properties that
are located in underserved areas.
Freddie Mac finances mortgages secured by affordable rental properties
with both targeted initiatives and products
and with its baseline multifamily products.
Freddie Mac has a long history of increasing the availability of affordable
rental housing in the United States. In fact, more than 90 percent of
the over one million rental units Freddie Mac has financed, largely through
its baseline products, are affordable to people whose incomes are at or
below area median income.
Freddie Mac's targeted initiatives and products specifically serve families
with low- and very-low incomes and/or families living in underserved areas:
- Freddie Mac generally considers low income as income at or below 80 percent of
the area median income and very-low income as income at or below 60
percent of the area median income, with adjustments for smaller and
larger families.
- Underserved areas include metropolitan areas (as defined by the Office
of Management and Budget) with census tracts having a median income
at or below 120 percent of the median income of the metropolitan area
and a minority population of 30 percent or greater; or a median income
at or below 90 percent of median income of the metropolitan area.
- Nonmetropolitan areas are considered underserved if they have a median income at or below 120 percent of the state nonmetropolitan
median income or the nationwide nonmetropolitan median income and a minority population of 30 percent or greater; or
a median income at or below 95 percent of the greater of the state nonmetropolitan
median income or the nationwide nonmetropolitan median income.
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