DALLAS—Freddie Mac's targeted affordable housing express pilot program provides customers with a streamlined process, leading to lower transaction costs and a faster execution, and aims to preserve small affordable housing properties. Greystone has closed the first two transactions under Freddie Mac's program.
“Our targeted affordable housing express pilot is designed to facilitate efficient preservation of affordable housing by simplifying processing, underwriting, and reducing costs for transactions (of) $10 million or under,” said David Leopold, vice president of targeted affordable sales and investments at Freddie Mac Multifamily.
Through the program, Greystone provided nearly $19 million to refinance two separate affordable housing communities in Texas. Providing critical affordable housing for senior citizens, the properties received separate loans for $9.1 million and $9.85 million. The properties, located in DeSoto, TX and Dallas, respectively, comprise a total of 500 units for senior citizens whose income is 60% or less of the average median income.
“Through the Freddie Mac targeted affordable housing express pilot program, we were able to provide loans for under $10 million to affordable housing properties that previously would not have received the same type of financing, due to the smaller size of the loan. This pilot program not only allows us to provide smaller loans at affordable rates, but also speeds up the typical underwriting time. We are already seeing a demand for this program and predict that the demand will continue to grow,” Jeff Englund, senior managing director, affordable housing lending at Greystone, tells GlobeSt.com.
Greystone's range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and other proprietary loan products. Loans are offered through Greystone Servicing Corporation Inc., Greystone Funding Corporation and other Greystone affiliates.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
