Multifamily Impact Bonds program attracting capital to communities through green, social and sustainable improvements — all while increasing affordability for renters.

Housing plays a critical role in fostering stable and sustainable communities. For almost four years, Freddie Mac’s Impact Bonds program has directly supported rental housing that is green and affordable in communities that need it most. A few days before Earth Day, we released our annual Multifamily Impact Bonds Report detailing our efforts to issue more than $15 billion in Green, Social and Sustainability Bonds since the program’s inception in 2019.

The report helps us meet two important goals: one, it shows how Freddie Mac’s Impact Bonds continue to support rental properties with persistent housing challenges; and two, it provides additional transparency to investors.

Transparency is a foundational component to our Impact Bonds program, and through this annual report, we reiterate our commitment to reporting and offering impactful and innovative ways to support efficient and affordable multifamily properties.

Since launching the program in 2019, Freddie Mac has issued $5 billion in Green Bonds, $4.6 billion in Social Bonds and $5.4 billion in Sustainability Bonds. Proceeds from our Impact Bonds finance improvements reducing energy and water consumption, support underserved groups considered to be the most vulnerable, and contribute to creating sustainable communities that support economic mobility and growth for their residents. We have seen measurable environmental and social impacts over the life of the program.


  • Water-efficiency improvements saved 526 million gallons of water per year — enough to fill the Lincoln Memorial Reflecting Pool in Washington, D.C., 78 times.
  • Energy-efficiency improvements saved 390 million kBtu per year — enough to power more than 10,776 homes.
  • Annual greenhouse gas emissions decreased by 32,188 metric tons — the equivalent of taking 6,936 cars off the road for one year.


  • 144,235 or 90.6% of rental units backing Impact Bonds are affordable to tenants earning at or below 80% of area median income.
  • Impact Bond proceeds have financed 137 properties with 20,784 units located in High Opportunity Areas.
  • Energy and water improvements financed by Green Bonds are projected to save tenants a total of more than $1.2 million per year on utility costs, with an average of $255 in savings per rental unit.

Innovative solutions like our Impact Bonds program further Freddie Mac’s mission and role as an industry leader in financing multifamily housing that meets investors’ environmental, social and governance (ESG) goals. In fact, the company was recently recognized by Environmental Finance for Social Bond of the Year for a 202 transaction of $92.8 million in Social Bonds, supporting affordable housing for more than 1,500 senior citizens across four properties in Arizona.

This transaction is one of many Social Bonds with a unique social impact, and the report highlights these deals.

Over 150 of the loans underlying Freddie Mac’s Social Bond issuances since 2020 have supported underserved populations including people with disabilities, senior citizens, farmworkers, veterans and homeless persons through transitional housing.

We are proud of what we’ve achieved to date with Impact Bonds, and we know there is more we can do. Freddie Mac is well positioned to continue leading the industry with innovative solutions that support affordable multifamily housing and the environment while meeting investor demand.

©2024 by Freddie Mac.