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Freddie Mac to Move Past $3B Mark for LIHTC Investments

Thursday, November 20, 2003 - 1:45AM

Freddie Mac announced that with its $5 million equity investment in the multifamily development in Jackson Park Terrace, it will exceed the $3 billion dollar mark for low-income housing tax credit (LIHTC) investments. Since first investing in LIHTCs in 1988, Freddie Mac has helped create more than 200,000 units of affordable rental housing. When the rehabilitation of Jackson Park Terrace, a rental housing community located on the south side of Chicago, Ill. is completed it will include 268 apartments and townhomes affordable to residents earning less than 60 percent of the area median income. One year ago Freddie Mac passed the $2 billion mark in LIHTC investments. Freddie Mac invests in LIHTC funds sponsored by not-for-profit and for-profit syndicators, purchases tax credits in the secondary market and also has a separate investment fund, the Freddie Mac Equity Plus fund. Through its Equity Plus fund, Freddie Mac will provide as much as 100 percent of the tax credit equity in qualified affordable multifamily projects. Freddie Mac is one of the largest corporate investors in tax credit housing development and its growing portfolio consists of more than 200,000 units in more than 2,800 projects throughout the United States and Puerto Rico.

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