Kevin Palmer has been appointed to head Freddie Mac’s multifamily business, effective May well 9.
A company veteran, he moves to his new publish immediately after serving as senior vice president for one-loved ones portfolio management.
“Over the training course of his more than two a long time at Freddie Mac, Kevin Palmer has shown wide knowledge of the house loan business, a deep being familiar with of our firm, and an unyielding commitment to our mission. These features make him the correct chief to get our multifamily business enterprise ahead,” mentioned Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a prolonged and productive observe file of supporting reasonably priced rental housing, taking care of possibility, and innovating to help our shoppers. Kevin’s background and expertise will assist us continue on that essential operate.”
Freddie Mac ordered $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Company (FHFA) volume cap for the year. In addition, the federal government-sponsored business (GSE) made $674 million in lower-cash flow housing tax credit fairness investments, bringing its total multifamily housing assistance to $70.7 billion for the year.
The GSE financed roughly 650,000 rental units, of which 95% are cost-effective to households earning at or beneath 120% of the space median earnings (AMI).
For 2022, the FHFA has established the multifamily bank loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps incorporate the 50% mission-driven prerequisite, but the help for units cost-effective at 60% of the AMI has enhanced from 20% of quantity in 2021 to 25% this 12 months.
In preceding roles, Palmer had wide obligation for Freddie Mac’s one-loved ones portfolio, overseeing pricing, servicing, credit chance transfer, and several other funds markets and threat management routines.
He will provide as a member of the company’s Senior Running Committee and report to the company’s president, Mike Hutchins.
“I’ve experienced the enjoyment of operating alongside Kevin for many years—his management, money markets skills, and commitment to Freddie Mac make him uniquely qualified to guide our multifamily business enterprise,” Hutchins reported. “Kevin will provide these and other features to this critically essential role. I glance ahead to operating far more intently with him to far better provide our mission and increase our track document as a major financier of economical rental housing throughout the United States.”
Palmer can take above as head of multifamily following the departure of Debby Jenkins, who remaining to sign up for Kayne Anderson Serious Estate at the conclude of past 12 months.