Kevin Palmer has been appointed to head Freddie Mac’s multifamily enterprise, powerful May 9.
A business veteran, he moves to his new article right after serving as senior vice president for one-household portfolio management.
“Over the program of his much more than two many years at Freddie Mac, Kevin Palmer has demonstrated broad know-how of the home loan marketplace, a deep comprehension of our business, and an unyielding motivation to our mission. These traits make him the suitable leader to consider our multifamily company forward,” reported Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a very long and prosperous keep track of report of supporting cost-effective rental housing, taking care of risk, and innovating to help our clients. Kevin’s qualifications and knowledge will assistance us proceed that vital do the job.”
Freddie Mac obtained $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Agency (FHFA) volume cap for the yr. In addition, the federal government-sponsored enterprise (GSE) manufactured $674 million in reduced-earnings housing tax credit equity investments, bringing its complete multifamily housing help to $70.7 billion for the yr.
The GSE financed close to 650,000 rental units, of which 95% are very affordable to households earning at or beneath 120% of the area median earnings (AMI).
For 2022, the FHFA has set the multifamily personal loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps incorporate the 50% mission-driven necessity, but the assist for units inexpensive at 60% of the AMI has increased from 20% of quantity in 2021 to 25% this yr.
In preceding roles, Palmer experienced broad obligation for Freddie Mac’s solitary-relatives portfolio, overseeing pricing, servicing, credit score hazard transfer, and different other cash marketplaces and chance administration functions.
He will provide as a member of the company’s Senior Functioning Committee and report to the company’s president, Mike Hutchins.
“I’ve experienced the enjoyment of doing work along with Kevin for many years—his leadership, cash marketplaces experience, and motivation to Freddie Mac make him uniquely certified to guide our multifamily small business,” Hutchins said. “Kevin will deliver these and other attributes to this critically vital role. I search ahead to operating extra closely with him to improved serve our mission and broaden our monitor record as a major financier of inexpensive rental housing throughout the United States.”
Palmer requires over as head of multifamily soon after the departure of Debby Jenkins, who still left to join Kayne Anderson Real Estate at the stop of final 12 months.