Freddie Mac is raising concerns that multifamily originations may have "peaked," make it harder for the government-sponsored enterprise to meet its affordable housing goals.After a decade of "unparalleled growth" in the multifamily sector, a large reduction in multifamily mortgage originations is becoming "more likely," Freddie Mac says in a comment letter to the Department of Housing and Urban Development. Supply-and-demand fundamentals could dampen construction, and condominium conversions could reduce the stock of existing affordable rental housing, it says. In addition, a substantial portion of multifamily stock is locked into low-interest-rate mortgages. Freddie recommends that HUD conduct midyear reviews of MF finance activities and recalibrate the affordable housing goals, if necessary. Freddie Mac can be found online at http://www.freddiemac.com.

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