Multifamily Volume Rises at Freddie Mac

Multifamily volume at Freddie Mac rose 17% in 2025, with mission-driven affordable housing surpassing targets and $77B in production.

January 16, 2026

Valerija I.

Freddie Mac multifamily volume reached $77B in 2025, up 17% from 2024.
66% of production qualified as mission-driven affordable housing, exceeding its 50% target.
The GSE supported over 577,000 affordable rental units and achieved its FHFA goals.
Record $1.2B in LIHTC equity investments followed lifting of the FHFA equity cap.

Key Takeaways

Affordable Housing Targets Surpassed

Freddie Mac reported a significant jump in multifamily volume for 2025, with production rising to $77B, a 17% increase over the previous year, according to the Multifamily Executive. The government-sponsored enterprise exceeded its Federal Housing Finance Agency (FHFA) goals, with 66% of the year’s production classified as mission-driven affordable housing—well above its 50% benchmark.

Notably, the company delivered affordable rental units to more than 577,000 households nationwide. Nearly 70% of eligible units financed were affordable to residents earning less than 80% of area median income (AMI), and 17% to those earning less than 50% of AMI. Overall, 93% of units financed were affordable to households at or below 120% of AMI.

Historic Investment Levels

Multifamily volume at Freddie Mac saw additional records in 2025, including a historic $1.2B investment in Low-Income Housing Tax Credit (LIHTC) equity. This follows an FHFA policy change in August that doubled the GSE’s equity investment cap. Workforce housing preservation loans totaled $1.1B, while forward conversions reached $2.4B for the year.

Freddie Mac’s Long-Term Financing Facilities also set a new high of $2B in new funding, a 42% increase over 2024. The Structured Products business closed 10 deals totaling $2.5B, including a record eight Q-Deals for $2.2B.

Continued Market Support

Freddie Mac’s focus in 2025 was on maintaining liquidity in the multifamily market and supporting affordable housing across the US. The GSE credits process enhancements and expanded offerings for meeting market needs, supporting the creation, preservation, or rehabilitation of more than 59,000 affordable units through targeted programs. This emphasis on support comes even as the sector faces growing pressure, with delinquency rates showing signs of increase across the industry.

As investor and regulatory support continue, Freddie Mac remains a central player in the multifamily sector, emphasizing mission-driven affordable housing and robust financing growth.