Kimball Griffith, a central figure in the financing of affordable housing, is retiring from Freddie Mac this week.
He joined the company in 2003 and has served as vice president of multifamily affordable housing products. Griffith has been responsible for the development, marketing, and operating of Freddie Mac’s Multifamily Targeted Affordable Housing lending programs.
During this period, the company has financed approximately 2,500 affordable housing properties, representing between $20 billion and $25 billion in financing.
Other accomplishments include the establishment and growth of the firm's Affordable Housing Advisory Council, which reviews and discusses components of Freddie Mac’s program, and the development of new affordable housing programs, including an initiative to purchase and securitize tax-exempt loans.
“What I love about affordable housing is I do think we are providing financing for people who should have nice places to live because that becomes a base from which to grow,” he says.
He recalls being in San Francisco several years ago to visit an affordable housing property that had been redeveloped. His cab driver tried to convince Griffith not to go to that address, but he insisted, telling the driver that the place had been fixed up. “Trust me. Take me there,” he told the driver.
They went to the site to see that a difficult property had been transformed into quality affordable housing by Related California. Griffith says he recently revisited the site and found it still looking good.
Prior to joining Freddie Mac, Griffith was with two law firms—Ballard Spahr and Kutak Rock. His career evolved, starting with commercial real estate, moving into securities law and then into affordable housing. He has been a frequent speaker at industry events.
Griffith plans to enjoy retirement as well as do some consulting.
Freddie Mac has yet to name a replacement for Griffith.