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FHFA Raises GSEs’ Multifamily Caps to $78B Each
The Federal Housing Finance Agency (FHFA) announced an increase in the GSEs’ multifamily loan purchase caps for 2022, with Fannie Mae and Freddie Mac each limited to $78 billion, up from $70 billion apiece this year. The increases are based on FHFA’s projections of the overall growth of the multifamily originations market.
To ensure a strong focus on affordable housing and traditionally underserved markets, FHFA will require that at least 50% of the GSEs’ multifamily business be mission-driven affordable housing. FHFA will also require at least 25% of their multifamily business to be affordable to residents at or below 60% of area median income, up from 20% in 2021.
In a statement, the Mortgage Bankers Association said the higher caps and the 50% mission-driven requirements “support affordable multifamily housing and help ensure a level playing field across the various capital sources.”
- ◦Financing
- ◦Policy/Gov't
