Freddie Buys Mortgage on Senior Housing

Freddie Mac has announced the purchase of an $11 million mortgage on a housing facility for senior citizens in Lincoln, Neb. The mortgage on the 173-unit congregate care and assisted-living facility was originated by First National Bank of Omaha, one of Freddie Mac's Program Plus lenders.Mitch Kiffe, vice president for loan production at Freddie Mac, touted the government-sponsored enterprise's products and network of lenders in the market for affordable housing for seniors. "Senior and assisted-living rental housing lending is an increasing portion of our business," Mr. Kiffe said. "The seniors market is one of the fastest-growing housing markets in the U.S. today." Jerry C. Joyce, a partner in Legacy LP, which owns the facility, said the demand for affordable housing for seniors is "extraordinary." Freddie Mac said it expects to buy more than $200 million in senior housing mortgages by the end of the year. Freddie Mac's website address is http://www.freddiemac.com.