WASHINGTON (5/5/14)--The multifamily housing unit of Freddie Mac plans to begin purchasing and securitizing Manufactured Housing Community (MHC) loans in a bid to increase available funding for affordable housing in rural areas, Freddie Mac reported last week.
Freddie Mac said stabilized, high-quality, professionally managed communities owned by experienced operators will be eligible for the program. Loans will be made to community owners. Community land, infrastructure, amenities and community-owned rentals will serve as collateral for securing MHC loans, Freddie Mac added.
"Manufactured housing communities are an affordable housing option for many low‐income individuals, especially in rural communities where affordable apartments are less prevalent," said David Brickman, executive vice president for Freddie Mac Multifamily Business. The financing, he added, will help to increase debt capital to rural areas and help provide housing options for underserved populations. "Nearly half of nation's manufactured homes are located in rural, non-metropolitan areas," Brickman said.
For more information, use the resource link.