Freddie Mac Reports On NIBP Activity

Posted by Orb Staff on June 24, 2010 No Comments
Categories : Commercial Mortgage

e Mac has announced credit enhancements of more than $31 million in bonds issued by two housing finance agencies (HFAs) using the Obama administration's New Issue Bond Program (NIBP) that support the development or renovation of affordable multifamily properties. Working with Freddie Mac, Prudential Mortgage Capital Company originated the only multifamily mortgages to date under NIBP for a property in Newnan, Ga., and three properties in Washington, D.C. ‘We are proud of our financing role so these four properties can be upgraded and remain affordable for more than 300 families,’ says Kimball Griffith, vice president of multifamily affordable sales and investments for Freddie Mac. The NIBP supports new single-family mortgages for first-time or other qualified home buyers, and supports the development of new or rehabilitated affordable multifamily rental units for working families. Under the program, which was announced last year, the government-sponsored enterprises issued securities backed by program-specific HFA bonds, and the securities were then purchased by the Treasury. In most cases, proceeds from the Treasury purchases were put into escrow to be released to the HFAs to originate or refinance each qualified transaction. SOURCE: [link=http://www.freddiemac.com/news/archives/multifamily/2010/20100622_nibp.html]Freddie Mac

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