Kevin Palmer has been appointed to head Freddie Mac’s multifamily company, helpful May well 9.
A company veteran, he moves to his new post following serving as senior vice president for one-family portfolio administration.
“Over the course of his a lot more than two many years at Freddie Mac, Kevin Palmer has shown wide expertise of the home finance loan industry, a deep understanding of our firm, and an unyielding dedication to our mission. These qualities make him the suitable leader to consider our multifamily business forward,” said Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a extensive and productive observe file of supporting very affordable rental housing, controlling chance, and innovating to guidance our customers. Kevin’s qualifications and expertise will help us proceed that important get the job done.”
Freddie Mac acquired $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Company (FHFA) quantity cap for the yr. In addition, the governing administration-sponsored organization (GSE) created $674 million in lower-income housing tax credit fairness investments, bringing its overall multifamily housing assist to $70.7 billion for the year.
The GSE financed close to 650,000 rental models, of which 95% are cost-effective to homes earning at or underneath 120% of the space median revenue (AMI).
For 2022, the FHFA has established the multifamily bank loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps involve the 50% mission-pushed need, but the assistance for units affordable at 60% of the AMI has increased from 20% of quantity in 2021 to 25% this 12 months.
In preceding roles, Palmer experienced broad obligation for Freddie Mac’s single-family members portfolio, overseeing pricing, servicing, credit risk transfer, and a variety of other capital marketplaces and hazard management 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 had the pleasure of operating along with Kevin for several years—his management, cash markets know-how, and motivation to Freddie Mac make him uniquely experienced to guide our multifamily small business,” Hutchins stated. “Kevin will convey these and other traits to this critically critical purpose. I seem ahead to doing the job additional intently with him to much better provide our mission and develop our monitor document as a main financier of very affordable rental housing throughout the United States.”
Palmer will take around as head of multifamily soon after the departure of Debby Jenkins, who still left to sign up for Kayne Anderson True Estate at the end of last calendar year.
