Posts by Kimball Griffith
Kim Griffith is vice president of Multifamily Affordable Sales & Investments. He is responsible for developing and implementing effective marketing, customer relations, and product development strategies for retail and wholesale targeted affordable debt and tax credit equity transactions. He also manages Multifamily's Affordable programs, including Bond Credit Enhancements for credit substitutions and refundings, preservation financings, and tax credit debt financings. In addition, Kim co-leads the design of the Multisite Rental Financing Initiative; if it receives regulatory approval, it will enable Freddie Mac to provide secondary-market financing to institutional borrowers that will own and operate single-family rentals on a large scale.
Homeownership has long been considered part of the American Dream, but renting is the right housing option for many U.S. households. A fast-growing number of families are becoming renters, either by choice or necessity. The convergence of the housing crisis, demographic trends, and a return to stricter credit standards for residential mortgages is expected to create a surge in demand for rental housing that will last for years. By the end of this decade, there likely will be more than 10 million additional new renter households in the United States than there were before the recent recession. Freddie Mac is working to keep affordable multifamily rental housing available, for today and tomorrow.
Supporting affordable housing reflects our dedication to our public mission – we do it because it’s who we are. Freddie Mac’s Multifamily business currently finances a significant amount of the multifamily market. Last year, we provided more than $20 billion in liquidity to this multifamily market, financing 1,300 properties comprising 321,000 rental units. Through the first quarter this year, we’ve provided $5.74 billion. More than 90 percent of the properties funded offer rents affordable to lower- and middle-income households (those earning at or below 80% of area median income levels).