Affordable Housing Lender Expands Multifamily Portfolio
Columbia, Md.-based affordable housing lender Enterprise Community Investment is expanding its multifamily lending portfolio to include market-rate multifamily lending. Selling a number of Fannie Mae (FNM) loan products, Enterprise’s multifamily portfolio has already financed more than $540m to construct 16,000 affordable housing units, as well as mortgages to fund the acquisition and rehabilitations of other multifamily units. “With the expansion of our special Fannie Mae lending program, we can now help both affordable and market-rate multifamily housing owners acquire, refinance or rehab and potentially reduce operating costs,” said C. Lamar Seats, Enterprise senior vice president, in a statement. “Refinancing proceeds can be used towards weatherization improvements, green retrofits or preservation of family and seniors housing,” he added. Write to Austin Kilgore.