MCLEAN, Va., April 05, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today published updates to its three-year Equitable Housing Finance Plan, the company’s roadmap to promote sustainable homeownership and rental opportunities for traditionally underserved Black and Latino communities across the nation. The Plan is an important component of Freddie Mac’s mission-driven efforts to expand affordable housing and improve outcomes for renters and borrowers in all communities. The company today also published a progress report highlighting its accomplishments against the 2022 Plan. 

“The actions laid out in this year’s Equitable Housing Finance Plan build upon the work we started last year to give families in underserved communities a more equitable chance to have a quality, affordable place to call home,” said Michael DeVito, CEO of Freddie Mac. “We have made meaningful progress over the last year, and we know there is much more to do. The update released today illustrates our commitment to help more families in the years to come.”  

In 2022, Freddie Mac helped more than 488,000 minority borrowers purchase or refinance a home, accounting for more than 30 percent of the company’s Single-Family acquisitions. 

The updates to the Plan contain adjustments and enhancements to activities that advance equitable and sustainable housing and rental opportunities while preserving safety and soundness. The Plan published today includes: 

“We were able to make measurable headway on our Equitable Housing goals in year one by working closely with FHFA and other industry participants,” said Michael Hutchins, President of Freddie Mac. “Our 2023 Plan incorporates new thinking and lessons learned to ensure we are as effective and impactful as possible.” 

Freddie Mac’s Equitable Housing Finance Plan includes a series of actions to advance equity in both the single-family and multifamily housing markets. The ambitious set of initiatives focuses on five core areas: addressing the homeownership gap, strengthening investment within formerly redlined areas, financing the creation and preservation of affordable housing, increasing opportunities for renters, and helping to eliminate disparities among Black and Latino communities. The Plan sets goals, outlines actions to achieve those goals, and includes an annual progress report.  

For additional information, read the 2023 Plan, 2022 Progress Report, and the company’s fact sheet. Learn more about Freddie Mac’s diversity, equity and inclusion efforts. 

About Freddie Mac
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

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Chad Wandler
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