Record year in multifamily for Freddie MAC.

Position::Commercial
 
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FREDDIE MAC REPORTED IT CLOSED $14.3 BIL-lion in multifamily investments in 2002. Freddie Mac Credits the strong representation by its Program Plus [R] Correspondents and its multifamily staff for attaining the record-breaking volume.

"While we are pleased to have set another Freddie Mac multifamily business volume record, we are most proud of the quality of the business we continue to book, the high percentage of repeat borrowers that we see, our strong working relationships with our Program Plus correspondents and our impact on the expansion of the availability of affordable rental housing nationwide," said Adrian Corbiere, Freddie Mac's senior vice president of multifamily. "More than 90 percent of the business we funded in 2002, totaling nearly 300,000 apartment homes, is affordable to families with incomes at or below area median incomes."

Freddie Mac recorded the following results in key components of its multifamily business in 2002:

* $6.9 billion through flow programs that financed more than 160,000 rental units

* $3.5 billion in negotiated...

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