Freddie Mac took action to address the affordable housing supply shortage through a record $1.9 billion in forward commitments, supporting 20,000 future new or rehabilitated affordable housing units. Forward commitments are agreements to purchase loans at a later date with certain financing terms locked in today. The agreements provide greater certainty to construction lenders and housing developers by limiting risks they face when executing complex multifamily deals in volatile markets. Freddie Mac is slated to convert more than 500 forward commitments in the next three years, totaling nearly $8 billion. The company converted 137 forward commitments in 2022, totaling nearly $1.7 billion.