February 8, 2023

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Freddie Mac Names Head of Multifamily Business| Housing Finance Magazine

Kevin Palmer has been appointed to head Freddie Mac’s multifamily business enterprise, effective May possibly 9.

Kevin Palmer
Kevin Palmer

A business veteran, he moves to his new submit just after serving as senior vice president for single-family portfolio management.

“Over the course of his more than two a long time at Freddie Mac, Kevin Palmer has shown wide know-how of the house loan industry, a deep comprehension of our enterprise, and an unyielding dedication to our mission. These features make him the right chief to acquire our multifamily small business ahead,” stated Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a extended and successful keep track of file of supporting economical rental housing, taking care of chance, and innovating to aid our consumers. Kevin’s track record and knowledge will assistance us continue on that critical get the job done.”

Freddie Mac obtained $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Agency (FHFA) quantity cap for the year. In addition, the governing administration-sponsored company (GSE) designed $674 million in very low-profits housing tax credit history equity investments, bringing its overall multifamily housing support to $70.7 billion for the yr.

The GSE financed close to 650,000 rental units, of which 95% are very affordable to households earning at or under 120% of the region median income (AMI).

For 2022, the FHFA has set the multifamily financial loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps involve the 50% mission-pushed need, but the guidance for units very affordable at 60% of the AMI has greater from 20% of volume in 2021 to 25% this yr.

In previous roles, Palmer had broad duty for Freddie Mac’s solitary-family portfolio, overseeing pricing, servicing, credit score possibility transfer, and several other capital markets and possibility administration pursuits.

He will serve as a member of the company’s Senior Functioning Committee and report to the company’s president, Mike Hutchins.

“I’ve experienced the satisfaction of doing work together with Kevin for quite a few years—his leadership, cash markets knowledge, and dedication to Freddie Mac make him uniquely experienced to lead our multifamily business enterprise,” Hutchins explained. “Kevin will deliver these and other attributes to this critically significant part. I seem forward to functioning additional intently with him to superior serve our mission and expand our track file as a leading financier of cost-effective rental housing throughout the United States.”

Palmer requires around as head of multifamily following the departure of Debby Jenkins, who remaining to join Kayne Anderson True Estate at the conclude of previous 12 months.