Freddie Mac headquartersWASHINGTON, DC–Freddie Mac has announced it will start purchasing community land trust mortgages as part of its support for shared equity homeownership programs that preserve affordable housing.
It has already collaborated on several projects across the nation including one in Anacostia, according to a statement by Ginger Rumph, executive director, Douglass Community Land Trust / City First Homes. “Our collaboration with Freddie Mac to develop a product in support of a community land trust in the Historic Anacostia neighborhood, and Wards 7 and 8 in Washington, DC, will pave the way for a model that can be replicated in similar geographic areas across the country,” he said.
The Freddie Mac community land trust mortgage is meant to make it easier for lenders to do business in the shared equity homeownership field by increasing communication and collaboration between the servicer and the community land trust organization, the GSE said.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com 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.
