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Freddie Mac: Multifamily Affordability is Now a Key Focus

Published Tuesday, February 26, 2013
by Christina Mlynski


Various factors are driving the increase in rental housing affordability, including demographic trends, household formations, higher credit standards for residential mortgages and changing attitudes about homeownership in light of the housing crisis, according to Senior Vice President David Brickman of Multifamily at Freddie Mac. Brickman made those assertions in a blog this past week.

However, adequate, affordable rental housing is hard to find in certain parts of the country due to gross rent, which is rent plus tenant-paid utilities.

More than half of all renters spend more than 30% of their income on housing, up from 40% of renters in 2000. Additionally, roughly 30% of renters spend at least 50% of their income on housing while low-income households tend to spend even larger portions of their incomes on rent, according to the U.S. Census Bureau's American Community Survey 2000-2011. 

Nonetheless, Brickman noted that Freddie Mac’s dedication to support affordable rental housing is in the government-sponsored enterprise’s 'DNA.' 

"Working closely with multifamily property owner/borrowers and our network of lenders, Freddie Mac Multifamily structures financings in a way that lets us offer very competitive, long-term rates," he said. 

Brickman added, "Owners realize lower costs of ownership and the benefits are typically passed on to tenants through sustainable, viable properties and lower rents than might otherwise be available." 

Freddie Mac Multifamily purchased more than $150 billion in mortgage loans, financing nearly 2.6 million rental units, between 2005 and 2012.

In January, Freddie Mac set a new record for multifamily loan purchases as well as guarantee volumes.

The GSE’s multifamily business volume reach a record of $28.8 billion, or a 42% increase, compared to $20.3 billion in 2011, according to Brickman's blog.

"Freddie Mac's consistent support for the entire multifamily rental housing market provides significant confidence to private apartment developers and construction lenders," Brickman stated. 

He added, "In turn, this helps ensure a strong and stable pipeline of new apartment communities to accommodate the growing demand for affordable rental housing."




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Latest News

Published Tuesday, September 1, 2015

Exciting Times for NVSAA! 
Introducing Our New Billing Structure


This is a very exciting time for us! We are offering more opportunities for our members than ever in key areas: Education, Legislative, Networking.

We are also creating ways to do business better. This allows us to build upon our foundation, and facilitate future growth.

The Nevada State Apartment Association is pleased to announce a streamlined billing structure for our membership. We are moving to a calendar year membership cycle where all members will pay their dues in January and enjoy membership benefits through December of that year.

The goal is to shift our entire membership to this more efficient billing cycle by January 1, 2017.

As such, it’s important to begin the process now. Handling membership in this manner is in line with many other Associations across the country and is design designed to minimize confusion on expiration dates and make the budgeting process easier.

Our goal is to make the transition as easy as possible:

If your membership renewal falls due between September 1, 2015 and December 31, 2015. You will receive an invoice that includes the remaining months of 2015 and all of 2016. Conveniently, your membership will be paid through the end of 2016. The remaining association members expiring in 2016 will receive prorated invoices to finish out next year’s membership. This process puts us on track to begin annual billing for the association, as a whole, in 2017.

Thank you for your cooperation as we make these changes! YOU are what makes the NVSAA the premier multi-family housing association in the region. Let’s keep going and growing!

If you have questions, you can reach me at 702.862.0165

My best to you,

Shelly A. Cochran

Executive Director


Published Friday, April 17, 2015

Record-setting tourism and the strongest convention attendance in several years are driving employment growth and creating apartment demand Las Vegas. Job growth is well above the national average, spurring developers to complete projects that were mothballed since the recession. In addition, multifamily permitting is trending more than 60 percent higher as builders rush to keep up with demand for rental space. While more than 1,400 apartments have been completed during the past year, vacancy fell sharply and concession activity nearly halted on well-located properties near employment hubs. The leisure and hospitality sector is providing the biggest job gains in the economy, although more corporations are relocating to the metro due to its position as a travel destination and the lack of a state income tax. The new workers hired by these companies are choosing to rent in prime areas to the southwest of the city, close to shopping centers, freeways and the Strip. Single-family housing costs in these areas are above the metro average, spurring strong rental growth and pushing vacancy down. Tightening operations will lift rents up 3.4 percent this year, more than 100 basis points above inflation.

Published Wednesday, February 25, 2015

You can be THE FIRST to know what's happening in the Las Vegas housing market each and every month. FastFacts is the e-newsletter that tells you exactly what's going on in both the new and existing home market in terms of volume, prices, and trends.

Published Tuesday, February 24, 2015

I think it's fascinating how consumer-to-business connections change over time ... and I'm always paying attention.

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