The Federal Housing Finance Agency (FHFA) said Tuesday that the 2024 multifamily loan purchase caps for Fannie Mae and Freddie Mac will be $70 billion each, for a total of $140 billion. FHFA will require that at least 50% of the GSEs’ multifamily businesses be mission-driven, affordable housing.

In addition, for 2024, loans classified as supporting workforce housing properties will be exempt from the volume caps. All other mission-driven loans remain subject to the volume caps.

“The 2024 multifamily loan caps, coupled with the exemption for workforce housing properties from the caps, will promote the Enterprises’ continued strong commitment to addressing the need for affordable rental housing,” said FHFA Director Sandra L. Thompson. “The workforce housing exemption should encourage conventional borrowers to commit to preserving rents at affordable levels for extended periods of time.”

In a statement, Mortgage Bankers Association president and CEO Bob Broeksmit said the caps were “reasonable, given the challenging market conditions and high interest rate environment expected in 2024. We appreciate FHFA’s ongoing flexibility should adjustments to the caps and mission-driven requirements be necessary and believe exempting loans supporting workforce housing from the cap levels will help to ensure GSE financing is a viable option for housing providers in the current environment.”