Freddie Mac has launched Non-LIHTC Forwards, a lending program intended to push the development of workforce-housing properties. The program is specifically geared toward affordable housing which isn’t subsidized with low-income housing tax credits. Freddie Mac VP Dave Leopold states that the program “helps borrowers manage interest rate risk.” A property is eligible for Non-LIHTC Forwards if at least 80% of its units are leased to tenants who earn less than 100% of their geographic area’s median income. Freddie Mac has already committed to issuing $150 million in loans as part of the program and it has an additional $80 million under application.
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