MCLEAN, VA-Mortgage Lender Freddie Mac has put a new multifamily initiative in place that will ease the process for correspondent lenders to secure underwriting mortgages on properties with units for low- and very-low income renters. The new plan allows Freddie Mac to expedite the provision of permanent debt financing or credit enhancement on these affordable housing properties that carry tax credit financing. “We have a renewed commitment to our housing mission and, as part of that, we are actively seeking new ways to reach those most in need of affordable rental housing,” says Adrian Corbiere, Freddie Mac senior vice president of multifamily housing. “Our new delegated underwriting initiative for tax credit debt will complement our existing prior-approval program and enable us to support an increase in the stock of affordable apartments.”

GMAC Commercial Mortgage Corp.’s Affordable Housing Division will serve as the first correspondent lender to participate in the new program.

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