Freddie Mac to Purchase Manufactured Housing Community Loans
April 30, 2014
Furthering its commitment to affordable housing, Freddie Mac announced today that it will begin to purchase manufactured housing community (MHC) loans and eventually securitize them via Multifamily K-Deals along with conventional loans. These will be loans to borrowers who own MHCs. An MHC is a residential real estate development consisting of rental pad sites for manufactured homes, related amenities, utility services, landscaping, roads, and other infrastructure.
This offering provides our Program Plus® Seller/Servicers and their borrowers with an MHC loan funding source that has the benefits of flexible financing, competitive pricing, and certainty and speed of execution. It expands affordable housing options for underserved populations, particularly in rural and non-metro areas where manufactured housing communities are predominant.
Initially, Freddie Mac is partnering with a few established, MHC-experienced lenders within its Program Plus Seller/Servicer network. Later this year, the offering will be open to all qualified Program Plus Seller/Servicers. Additional offering details and lender eligibility information will be provided at that time.
For more information, contact your Freddie Mac production representative.