Freddie Mac priced its offering of about $587 million of structured pass-through certificates, which are expected to settle on or about March 28.

The certificates are backed by mortgages on workforce properties that are affordable to individuals earning 80% or less of their area's median income.

Barclays Capital Inc., Brean Capital LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Stern Brothers & Co. are the co-managers of the offering. Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC are also involved with the offering.