{"id":395642,"date":"2020-12-08T11:08:30","date_gmt":"2020-12-08T16:08:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=395642"},"modified":"2020-12-08T11:08:30","modified_gmt":"2020-12-08T16:08:30","slug":"freddie-mac-multifamily-closes-first-social-impact-m-deal-supporting-housing-for-homeless-veterans-and-those-in-need","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/freddie-mac-multifamily-closes-first-social-impact-m-deal-supporting-housing-for-homeless-veterans-and-those-in-need\/","title":{"rendered":"Freddie Mac Multifamily Closes First Social Impact M-Deal Supporting Housing for Homeless Veterans and Those in Need"},"content":{"rendered":"
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MCLEAN, Va., Dec. 08, 2020 (GLOBE NEWSWIRE) — Freddie Mac<\/a> (OTCQB: FMCC) recently closed its first Social Impact M-Deal<\/a> backed by 27 mission-focused properties for low-income residents, many of whom are disabled, seniors with disabilities or homeless veterans. The transaction provided $359 million in liquidity to Arc70 to fund bonds backed by properties that address affordable housing challenges or properties serving underserved groups considered to be among the most vulnerable. This is the first M Certificate offering under the company\u2019s Social Bonds Framework<\/a>, which is part of the larger Impact Bonds series.\u00a0\u00a0<\/p>\n

\u201cWe are proud to announce our inaugural Social Impact M-Deal, part of our Impact Series focused on providing critical funding for affordable properties and those serving underserved groups,\u201d said Steve Johnson, vice president, Targeted Affordable Housing Production at Freddie Mac Multifamily. \u201cPartnerships like the one with Arc70 allow Freddie Mac to continue to deliver on our mission of preserving and revitalizing affordable housing across the country.\u201d<\/p>\n

\u201cThis Social Impact M-Deal provides financing necessary for critically needed and safe affordable housing, which is the core focus of Arc70,\u201d said Denny Hou, co-founder of Arc70. Adrian Garcia, co-founder of Arc70, added, \u201cThis transaction demonstrates how our strong long-term partnership with Freddie Mac can work with the capital markets to meet diverse housing needs in underserved communities at scale.\u201d<\/p>\n

The proceeds from the underlying bonds are used to back 27 rental properties for low-income, veteran and disabled senior residents. These properties include:<\/p>\n