Kevin Palmer has been appointed to head Freddie Mac’s multifamily business, productive May possibly 9.
A organization veteran, he moves to his new post immediately after serving as senior vice president for single-spouse and children portfolio management.
“Over the system of his far more than two a long time at Freddie Mac, Kevin Palmer has shown broad expertise of the house loan marketplace, a deep being familiar with of our firm, and an unyielding commitment to our mission. These traits make him the correct chief to consider our multifamily business forward,” reported Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a extended and productive monitor file of supporting affordable rental housing, running chance, and innovating to aid our buyers. Kevin’s track record and expertise will enable us go on that significant do the job.”
Freddie Mac bought $70 billion in multifamily loans in 2021, reaching its Federal Housing Finance Agency (FHFA) quantity cap for the yr. In addition, the govt-sponsored organization (GSE) created $674 million in small-money housing tax credit score equity investments, bringing its total multifamily housing guidance to $70.7 billion for the 12 months.
The GSE financed about 650,000 rental models, of which 95% are cost-effective to homes earning at or below 120% of the area median money (AMI).
For 2022, the FHFA has established the multifamily personal loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps include things like the 50% mission-driven need, but the assistance for units reasonably priced at 60% of the AMI has amplified from 20% of volume in 2021 to 25% this yr.
In earlier roles, Palmer experienced broad duty for Freddie Mac’s one-family portfolio, overseeing pricing, servicing, credit rating hazard transfer, and different other cash marketplaces and threat administration functions.
He will serve as a member of the company’s Senior Running Committee and report to the company’s president, Mike Hutchins.
“I’ve had the enjoyment of working along with Kevin for various years—his management, capital marketplaces skills, and dedication to Freddie Mac make him uniquely certified to guide our multifamily organization,” Hutchins said. “Kevin will bring these and other characteristics to this critically essential position. I seem ahead to operating far more closely with him to greater provide our mission and develop our observe document as a main financier of affordable rental housing across the United States.”
Palmer usually takes over as head of multifamily after the departure of Debby Jenkins, who remaining to be part of Kayne Anderson True Estate at the finish of last calendar year.