Freddie Mac, a leading mortgage finance company, has recently released its Equitable Housing Finance Plan and Performance Report for 2023, along with updates to its 2024 objectives. The company’s plan focuses on promoting sustainable homeownership and rental opportunities for traditionally underserved communities across the nation.
Since 2022, Freddie Mac has assisted over 764,000 minority borrowers in purchasing or refinancing a home, representing about 33% of the company’s Single-Family acquisitions. The company’s efforts are aimed at expanding homeownership and improving outcomes for underserved families.
Key updates to the plan include expanding access to down payment assistance through initiatives like DPA One®, a tool that helps lenders match borrowers with down payment assistance programs. Additionally, Freddie Mac is utilizing Special Purpose Credit Programs to make homeownership possible for underserved communities and is working to help renters build credit and achieve homeownership.
Furthermore, Freddie Mac is focusing on increasing opportunities for diverse and emerging lenders and market participants, supporting the creation and preservation of affordable housing, and educating the industry and consumers on housing opportunities.
Overall, Freddie Mac’s Equitable Housing Finance Plan outlines a series of actions to advance equity in both the single-family and multifamily housing markets. The company is committed to addressing the homeownership gap, strengthening investment in formerly redlined areas, financing affordable housing, increasing opportunities for renters, and eliminating disparities among underserved communities.
For more information on Freddie Mac’s initiatives and progress, interested individuals can access the 2024 Plan, 2023 Progress Report, and the company’s fact sheet.