2023 Rising Star: Peter Lillestolen


Peter Lillestolen is the senior director and co-head of targeted affordable housing at Freddie Mac. In a year when delivering on affordability was critical, Lillestolen co-led the multifamily targeted affordable housing (TAH) team to success — producing record results in Freddie Mac’s core retail business and low-income housing tax credit equity. He also exceeded 2022’s affordable housing goals. Lillestolen is a respected leader, a technical expert and an outstanding mentor. He achieved significant results that directly contributed to Freddie Mac’s mission to ensure safe, secure and affordable housing nationwide.

Lillestolen played a lead role driving Freddie Mac’s record affordable results for households earning 80% of area median income and below. He served as a key thought leader, contributor and driver of change. His critical work led to approval by the Federal Housing Finance Agency (FHFA), resulting in substantial improvements to the terms and applicability of forward commitments — especially for the workforce housing sector of the market. Lillestolen dug in, learned the business, identified opportunities for improved execution, implemented change and empowered his team to succeed. Over the past three years, Lillestolen has stepped into two new roles that have tested his resolve, leadership and expertise. In both instances, he fully embraced the challenge. He leads with commitment, drive and integrity. He drives better processes, pursues optimal efficiency and produces record results.

What is one habit that has helped you succeed?

Always assume positive intent. This includes treating others with respect and keeping an open mind. One quote I continue to point to that clearly illustrates the importance of treating people with respect and doing things right: “It’s always sunny on the moral high ground.”


Peter Lillestolen




Senior Director and Co-Head of Targeted Affordable Housing

Company Name:

Freddie Mac



3d rendering of a row of luxury townhouses along a street

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