Pilot Program Preserves Financing for 500 Units of Age-Restricted Affordable Housing
Greystone, a real estate lending, investment and advisory company, today announced it has closed the first two transactions under Freddie Mac’s Targeted Affordable Housing (TAH) Express pilot program, which aims to preserve small affordable housing properties. Through the program, Greystone has provided nearly $19 million to refinance two separate affordable housing communities in Texas.
Providing critical affordable housing for senior citizens, the properties received separate loans for $9,100,000 and $9,853,000. The properties, located in DeSoto and Dallas, TX, respectively, comprise a total 500 units for senior citizens whose income is 60% or less of the average median income.
“We are very excited to announce the first two transactions as a part of Freddie Mac’s new pilot program,” said Jeff Englund, Senior Managing Director, Affordable Housing Lending at Greystone. “With its standardized underwriting, this program will help us to provide financing to smaller affordable housing properties that would otherwise lose affordability.”
“Our Targeted Affordable Housing Express pilot is designed to facilitate efficient preservation of affordable housing by simplifying processing, underwriting and reducing costs for transactions $10 million or under,” said David Leopold, vice president Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “We are thrilled to have closed our first two transactions under TAH Express with our strong partner Greystone, and we look forward to working together to help more borrowers finance affordable properties quickly, more efficiently and less expensively.”
Freddie Mac’s TAH Express pilot program provides customers with a streamlined process leading to lower transaction costs and a faster execution.