Tax-Exempt Loans. This week, Freddie Mac announced the external offering of two multifamily pass-through securities backed by tax-exempt loans (TEL Multi PCs). The underlying tax-exempt loans are made by state or local housing agencies and secured by affordable rental housing. It is the first time TEL Multi PCs have been offered by Freddie Mac. They are designed to help source the lowest cost of capital to deliver even more efficient financing for affordable housing through the company’s Tax-Exempt Loan program. The company announced the pricing of two separate single-class securities each backed by one fixed-rate, multifamily tax-exempt loan. Both are...