Freddie Mac issued its sixth $1 billion mortgage-backed security issuance backed by multifamily properties this year as homeownership slipped.

The multifamily sector has been lucrative for the government-sponsored enterprise. Freddie expects to offer the latest K certificates backed by 75 recently originated multifamily mortgages. It should price by the end of the week and settle around May 22.

The certificates should include two senior principal and interest classes, one senior interest-only class and a junior interest-only class. Freddie hired Fitch Ratings and DBRS to rate the deal and expect AAA(sf) ratings.

But while credit and liquidity for multifamily properties continues to flow, a still sizeable wave of foreclosures and tightened inventory kept many homebuyers at bay.

The Census Bureau reported the homeownership rate dropped to 65.4% in the first quarter, the lowest level in 15 years.

JP Morgan (JPM) and Wells Fargo (WFC) are named as co-lead managers and joint bookrunners.

Barclays Capital (BRC), CastleOak Securities, Guggenheim Securities and Morgan Stanley (MS) will serve as co-managers.