Issued under its Impact Bonds initiative, the US Federal Home Loan Mortgage Corporation, Freddie Mac, raised $230.8 million to provide affordable housing for people in the country with disabilities.

The Housing for individuals with Intellectual and Developmental Disabilities (HIDD) social bond will support 1,267 safe and affordable rental homes for 4,462 individuals across 39 US states and the District of Columbia.

Approximately 90% of the properties will be affordable to people with low incomes, making 50% of the area median income. In addition they will provide access to crucial support structures including wheelchair access and 24-hour staff, allowing individuals with disabilities to live and work in their communities. This type of living for people with disabilities forms part of the "deinstitutionalisation" of care that has been the goal of advocates for decades.

"The examples provided highlight the 'excellence' of this social bond which has a narrow and well defined target with a meaningful social impact," commented one awards judge on this issue.

Freddie Mac's social bonds are issued under its Social Bonds Framework, which received a second opinion from Sustainalytics, declaring it credible, impactful and aligned with the four key components of the Social Bond Principles.

Aiming to go beyond affordability and have a unique social impact, Freddie Mac hopes that with this transaction it has raised its social impact standards, and that will serve as motivation and inspiration for the market to adopt a new definition of social impact.