Freddie Mac headquarters

McLEAN, VA–Freddie Mac began securitizing the paper from the tax-exempt loan (TEL) program that it launched in 2014 this year. It issued two securitizations and then this week a different variant of the same product came to market: two Multifamily Participation Certificate pass-through securities backed by tax-exempt loans (TEL Multi PCs). Like the TEL ML Certificates that were securitized, the underlying tax-exempt loans in these TEL Multi PCs are made by state or local housing agencies and secured by affordable rental housing.

Also, said David Leopold, Vice President for Affordable Housing Production and Investments at Freddie Mac Multifamily, both models are reflective of Freddie Mac’s commitment to developing the best execution for sourcing the cheapest capital.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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