(RECAP: Walker & Dunlop is the first seller-servicer to execute on an alternative affordable housing product that Freddie Mac announced it was rolling out earlier this year. The program, Direct Purchase of Tax-Exempt Loans, is a variation on the 4% Low-Income Housing Tax Credit structure that promises to significantly reduce the cost of these transactions. The inaugural transaction was a $14.2 million loan originated for The Lakewoods, a 417-unit affordable, senior-housing community in Dayton, OH, for Millennia Housing Development. By the end of the year this will be an active product line for Freddie Mac, predicts Shaun Smith, senior director, Targeted Affordable Production with Freddie Mac.)