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FLORIDA
Freddie Mac Initiative Brings Affordable Homes to Three Cities
Freddie Mac is financing an initiative that supports both
affordable housing and the surrounding community. e Government
Sponsored Enterprise (GSE) announced in early August that it had
provided $7.8 million in funding for the acquisition of 117 single-family
rental (SFR) units by Promise Homes Company. e units are located
in the Orlando, Tallahassee, and Atlanta markets.
According to a statement issued by Freddie Mac, Promise
Homes offers affordable housing to families that choose to live in
single-family homes but were unable to buy homes due to poor
financial and credit histories. e transaction is in partnership with
CBRE, Freddie Mac said.
"is transaction represents a true win-win for the families
renting these properties and the broader community," said David
Leopold, VP of Targeted Affordable Sales and Investments at
Freddie Mac Multifamily. "Promise Homes does more than
provide affordable housing to its residents—it brings financial
literacy and economic growth in the form of sustainable
employment. is is exactly the type of transaction we're looking
for with our single-family rental pilot, and we thank our friends at
CBRE for helping to make this transaction happen."
Freddie Mac's single-family rental pilot was introduced in
2017, and this transaction represents the latest in its $1.3 billion
investment limits for the pilot. Of the 117 properties in the
transaction, 96 percent qualify as "affordable housing," based on 80
percent of the area median income.
"is portfolio addition will enhance the lives for more than
100 working middle-class families, both in terms of the quality
of homes they live in, as well as financial literacy and credit score
resources through our partnership with Operation HOPE," said
John Hope Bryant, Founder, Chairman, and CEO of e Promise
Homes Company. "e Promise Homes Company has a double
bottom line, and we appreciate the opportunity to work with two
leading companies to help the strength of our communities and
working or middle-class families."
