Freddie Mac Multifamily reported that its 2023 volume totaled more than $49 billion, including $48.3 billion in financing and more than $883 million in low-income housing tax credit (LIHTC) equity investments.

The government-sponsored enterprise said it met its mission-driven affordable housing targets, supporting 423,177 affordable rental units across the country and will achieve its 2023 multifamily affordable housing sets by the Federal Housing Finance Agency (FHFA).

A total of 66% of Freddie Mac’s 2023 production volume qualified as “mission-driven affordable housing,” exceeding the 50% goal set by FHFA. More than 67% of goal-eligible units financed through loan acquisitions were affordable to low-income residents earning less than 80% of the area median income (AMI), and more than 20% were affordable to very low-income residents with incomes no greater than 50% of the AMI, surpassing both goals. In total, 92% of all units financed in 2023 were affordable at or below 120% of the AMI.

“In 2023, Freddie Mac Multifamily was proud to again surpass our ambitious affordable housing goals, despite significant headwinds facing the overall market,” said Kevin Palmer, head of Freddie Mac Multifamily. “That is a credit to our team, our Optigo lenders, and their borrowers. We continue to be focused on and driven by all aspects of our mission. In addition to supporting affordability, in a difficult market like this one, when other liquidity providers step back, Freddie Mac Multifamily remains a steady provider of market rate loans, helping to support liquidity and stability in all market conditions.”

With more than $883 million in LIHTC equity investments in 2023, Freddie Mac achieved its LIHTC equity Duty to Serve target, aligning with FHFA’s decision to increase the LIHTC equity cap to $1 billion for 2024. Since 2018, Freddie Mac Multifamily has committed over $4 billion in LIHTC equity, ensuring nearly 30,000 units of affordable housing were created or preserved.

In 2023, Freddie Mac Multifamily helped to create and preserve affordable rental housing by funding a record $2.6 billion in forward conversions, which supported more than 21,000 newly constructed or rehabilitated affordable units. In addition, Freddie Mac Multifamily issued new commitments to fund $2.3 billion in future years, supporting over 22,000 units that will be constructed or rehabilitated. The forward program enhances the supply of new and rehabilitated affordable housing by providing certainty of permanent financing, even in volatile markets.

In addition, Freddie Mac Multifamily financed more than $13 billion in Targeted Affordable Housing in 2023, supporting nearly 108,000 rent-restricted affordable units. As Freddie Mac Multifamily works to advance resident-centered housing, 2023 marked a milestone in financing nearly 29,000 manufactured housing community pads with tenant protections that met or exceeded the standards laid out in its Duty to Serve Plan, said the company.