Ian Ouwerkerk

Freddie Mac played a critical role in the multifamily housing market this past year, increasing liquidity, stability and affordability across the nation. 

That activity resulted in $66 billion in production volume for Freddie Mac Multifamily in 2024 — a 34 percent increase over the previous year — split between $65 billion in multifamily financing and $1 billion in Low-Income Housing Tax Credit equity investments. Playing a big role in the boost of Freddie Mac’s multifamily business was Ian Ouwerkerk, who oversees multifamily underwriting for the agency.

The company led the agency market in volume, supporting more than 500,000 affordable rental units across the country. 

Despite market challenges, Freddie Mac Multifamily’s Targeted Affordable Housing volume hit a record high in 2024, providing $17 billion in financing to support nearly 133,000 rent-restricted affordable units and the creation of affordable units for more than 23,000 families. 

And, the company led the agency market overall in volume, supporting more than 500,000 affordable rental units in total across the country. 

In terms of notable deals, Freddie Mac worked with lender Greystone on the first 100 percent affordable multifamily project in Tysons Corner, Va. — just down the street from Freddie Mac’s HQ. Freddie Mac facilitated $39 million in tax-exempt financing, and the proceeds will be used to refinance a construction loan and stabilize the 265-unit building. 

It wasn’t all smooth sailing for Freddie Mac, of course. This spring saw the government-sponsored enterprise face changes at whiplash speed. Freddie Mac CEO Diana Reid was fired, and Federal Housing Finance Agency Director William Pulte declared himself the company’s new chairman. Many other employees were placed on leave, and initiatives advancing minority home ownership and consumer protection were decimated or scrapped altogether. 

On April 21, Pulte posted on X that he does not foresee making any further leadership changes at Freddie Mac.