Freddie Mac Multifamily Volume Increases 34% in 2024, Reaches $66 Billion Article originally posted on Multifamily Executive on January 16, 2025 Freddie Mac’s 2024 multifamily volume was up 34% over 2023, the government-sponsored enterprise (GSE) reported. Its production volume totaled $66 billion—$65 billion in multifamily financing and $1 billion in low-income housing tax credit (LIHTC) equity investments. Although it was still under the $70 billion cap the Federal Housing Finance Agency (FHFA) had set for 2024, it was a marked improvement from 2023 when its volume totaled just over $49 billion—$48.3 billion in multifamily financing and more than $883 million LIHTC equity investments. The GSE attributed the increases to strategic shifts ahead of improved markets conditions in the second half of the year. It also met its mission-driven affordable housing targets, supporting 507,191 affordable rental units across the nation. “Every day, we go to work to provide liquidity, stability, and affordability to the multifamily market. In 2024, we not only met but exceeded our mission during a challenging year that made a tangible impact on countless lives,” said Kevin Palmer, head of multifamily for Freddie Mac. “By staying ahead of market shifts, we were well positioned for effective execution in the latter part of the year. But our most important achievement was working with our Optigo lenders, servicers, borrowers, and investors to make quality, affordable rental housing available to more than half a million families nationwide.” Some key details about the GSE’s 2024 multifamily activity include: A total of 65% of its production volume qualified as mission-driven affordable housing, exceeding the 50% goal set by the FHFA; Over 65% of goal-eligible units financed were affordable to households earning less than 80% of the area median income (AMI), while over 15% were affordable to households earning less than 50% of the AMI. In total, 93% of all units financed last year were affordable at or below 120% of the AMI; Freddie Mac’s Targeted Affordable Housing volume reached a record high, with $17 billion of financing supporting nearly 133,000 rent-restricted units; On a household basis, Freddie Mac Multifamily supported the creation of affordable units for over 23,000 households, the rehab of units for over 10,000 households, and preserved affordability without subsidy through its loan terms for nearly 11,000 households; Forward commitments were strong last year, driving the creation of 23,153 units of affordable and workforce housing; Seven highly flexible, longer-term credit facilities were opened last year, generating almost $2 billion in new funding, up 64% from 2023; and The $1 billion in LIHTC equity investments achieved the Duty to Serve targets. Since 2018, Freddie Mac has committed over $5 billion in LIHTC equity, creating or preserving over 33,000 units. “Freddie Mac Multifamily’s 2024 achievements go beyond the numbers,” added Palmer. “Each unit we fund is a place for a family to call home. That’s why we continue to drive forward new ideas to meet our mission while celebrating past success. In 2024, we marked the 10-year anniversary of our Small Balance Loan and Tax-Exempt Loan programs, which have supported hundreds of thousands of affordable units in states nationwide. We are embracing the challenge of continuing to innovate in the next decade and beyond.”