Freddie Mac Multifamily Volume Grows 17%, Reaches $77.6b In 2025

Freddie Mac‘s multifamily division reported Thursday that its 2025 production volume totaled $77.6 billion, a 17% increase from 2024.

The government-sponsored enterprise (GSE) said it supported 577,000 affordable rental units across the U.S. while “maintaining strong safety and soundness standards.”

Production for the year included $1.2 billion in Low-Income Housing Tax Credit (LIHTC) equity investments, $1.1 billion in workforce housing preservation loans and $2.4 billion in forward conversions, which are not subject to the Federal Housing Finance Agency (FHFA)’s multifamily loan cap.

“Our focus in 2025 was on bringing liquidity to the multifamily market to increase the supply of affordable rental housing in communities across the country,” said Kevin Palmer, head of multifamily for Freddie Mac. “We stepped up to meet the needs of the market with product enhancements and customer-focused process improvements, and as a result, working with our lenders, servicers, borrowers and investors, delivered quality, affordable housing to hundreds of thousands of families nationwide.”

Freddie Mac said it strengthened product offerings in 2025 to “better support the creation” of new rental housing, such as expanding its forward program to include conventional properties. It also enhancing lease-up loans with an additional borrow-up at first mortgage pricing to reduce costs and increase certainty for developers.

Following the doubling of the LIHTC equity cap in August, Freddie Mac Multifamily made a record $1.2 billion investment in LIHTC equity in 2025 and reached a record level of forward commitments during the year.

Freddie Mac said it financed the creation, preservation or rehabilitation of more than 59,000 affordable housing units in 2025 through workforce housing preservation programs, forward commitments and forward conversions.

The company’s long-term financing facilities generated $2 billion in new funding in 2025, a 42% increase from the prior year. Its structured products business closed 10 transactions totaling $2.5 billion, including a record eight Q-Deals totaling $2.2 billion. Freddie Mac said structured products provide a key source of capital for lenders and help support liquidity in the multifamily market.

Data released by Freddie Mac indicate the company will meet or exceed its 2025 multifamily affordable housing goals set by the FHFA. About 66% of total production volume qualified as mission-driven affordable housing, which surpasses the 50% goal.

Nearly 70% of goal-eligible units financed were affordable to households earning less than 80% of the area median income, while about 17% were affordable to very low-income households earning no more than 50% of the area median income.

Overall, the GSE said 93% of all units financed in 2025 were affordable to households earning at or below 120% of the area median income.