Grounded Solutions Network is pleased to announce an expanded partnership with Freddie Mac, which recently made a meaningful investment into our research and development efforts to explore the feasibility of a fund that may help scale shared equity homeownership opportunities.
As a Government-sponsored enterprise, Freddie Mac was chartered by Congress in 1970 with a public mission to stabilize the nation’s residential mortgage markets and expand opportunities for homeownership and affordable rental housing. One way Freddie Mac is hoping to advance its mission is to provide greater support to the field of shared equity homeownership programs, including community land trusts, inclusionary zoning programs, and other nonprofits.
Grounded Solutions Network and Freddie Mac have been meeting regularly for months to review opportunities to promote access to mortgages for buyers in shared equity programs as well as support the growth of the field through innovation. Demonstrating their commitment to the field, they provided substantial support for the latter. Freddie Mac is also planning to review their Selling Guidelines and look for opportunities to provide more explicit guidance to bolster confidence amongst mortgage lenders to originate loans to shared equity homebuyers and sell them to Freddie Mac.
While this work is in its early stages, Freddie Mac’s commitment to supporting the work of this field is a tremendous win that will ultimately help to bring successful homeownership to many more lower-income families.