FHFA Establishes 2022 Benchmark Levels for Low-Income Multifamily Mortgage Purchases
The Federal Housing Finance Agency (FHFA) today issued a final rule that establishes 2022 benchmark levels for multifamily housing goals for Fannie Mae and Freddie Mac (the Enterprises). The goals are for the Enterprises to purchase mortgages on low-income multifamily properties with 415,000 units, with 88,000 of those units for very-low-income residents. The subgoal for small multifamily properties (five to 50 units) is 17,000 units for Fannie Mae and 23,000 units for Freddie Mac. The FHFA also released benchmark levels for 2022-2024 for single-family housing, but due to public comments on the proposed rule and the differential impact of COVID-19 on various multifamily origination segments, the multifamily goals apply to 2022 only.
Various funding sources for affordable multifamily housing will be a topic at the Novogradac 2022 Affordable Housing Developers Conference, Jan 13-14, 2022, in San Juan, Puerto Rico.