In an effort to support homeownership in low-to mid-income markets, Freddie Mac will join its secondary mortgage cousin in purchasing shared-equity mortgages.
Community land trusts are non-profit and public entities created to acquire homes in their community. The properties are then leased on a long-term basis to lower income residents.
McLean, Virginia-based Freddie announced Monday that it will start purchasing community land trust mortgages. The move is being made to facilitate the preservation of affordable housing.
Source: Mortgage Daily