AMERICAN PROPERTY FINANCE BECOMES THIRD APPROVED LENDER FOR FREDDIE MAC DELEGATED UNDERWRITING INITIATIVE FOR TAX-CREDIT DEBT

McLean, VA – American Property Financing Inc. (APF) has signed a risk-share agreement with Freddie Mac (NYSE:FRE) and became the third approved lender for Freddie Mac’s Delegated Underwriting Initiative for tax-credit properties. The initiative, launched September 2004, gives certain qualified lenders expedited processing and more flexibility when underwriting mortgages secured by properties with low-income housing tax credits.

"We are looking forward to working with APF as our most recent partner in our Delegated Underwriting Initiative. Working with APF in this fashion will help us expand the availability of affordable housing. We remain committed to our mission of serving the low- and moderate-income market and see this as a means to further support that mission," said Paul McDermott, Multifamily vice president of Structured and Affordable Housing.

"APF has always supported affordable housing designed to preserve and maintain the great urban centers of America. Freddie Mac's Delegated Underwriting Initiative gives us the tools to do so," said Alan H. Wiener, APF chairman.

Since the introduction of the Freddie Mac Program Plus network of multifamily loan originators and servicers in 1993, Freddie Mac has provided financing for over 40,000 multifamily properties totaling more than $100 billion.

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and nearly four million renters.

###