Freddie Mac and the Bridge Investment Group announced a unique transaction this week focused on preserving workforce housing. Bridge will commit to maintain rents at or below 80 percent of an area’s medium income for the life of the loans purchased by Freddie Mac under this program. The program offers below market rate financing for the commitment by Bridge to maintain rents at levels that meet workforce housing needs. Freddie Mac has committed to purchasing up to $500 million in loans that meet the affordability guidelines.
NMHC’s Vice President of Capital Markets, Dave Borsos, was recently quoted in a Wall Street Journal article regarding this approach by Freddie. Both Bridge Investment Group and Freddie Mac are members of NMHC’s Workforce Housing Affordability committee which is committed to finding solutions to meet the growing need to develop and preserve workforce housing.
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