5/22 Blog Topic: Housing Solutions – Freddie Mac Offers Cheap Loans to Affordable Housing Developers
May 22, 2018
Congratulations to Napa and Salt Lake City for coming up with solutions to build affordable housing in their respective communities.
At the Housing Shortage and Inequality event that MEF hosted May 4 at the Embassy Suites in San Rafael, MEF offered a few creative solutions to addressing these challenges, including preparing an Environmental Impact Report (EIR) in a specific market area so communities and developers can have plans and pre-approvals in place to create new neighborhoods.
In Napa, Burbank Housing is building 50 affordable multifamily apartment homes after securing a 9% federal tax credit and funding from the Tipping Point Relief Fund, the Gasser Foundation, Napa Valley Vintners, the Trinchero family and other local donors. Here’s the story: NorthBay Business Journal Coverage
In Salt Lake City, Freddie Mac, the country’s largest backer of apartment loans, will offer low-cost housing loans to real estate owners willing to keep their buildings affordable to middle-class families for years to come. To start, Freddie will back up to $500 million in loans to Bridge Investment Group, a Salt Lake City-based landlord with roughly 30,000 apartments around the country. Here’s that story: Wall Street Journal Coverage
These are the types of initiatives we need to develop in Marin County.
-Robin
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