The Federal Housing Finance Agency (FHFA) today issued a final rule setting benchmarks for multifamily housing goals for Fannie Mae and Freddie Mac for 2023 and 2024 under a new percentage-based methodology. The final goals include that a minimum of 61% of all goal-eligible units in multifamily properties financed by properties purchased by Fannie and Freddie in each year be affordable to low-income families, defined as families with incomes of 80% or less of the area median income (AMI). The final rule also calls for 12% of such mortgages to be affordable to very-low-income families (those with incomes of 50% or less of the AMI) and 2.5% to be in small multifamily properties affordable to low-income families.

Stay informed on affordable housing news with a subscription to the Novogradac Journal of Tax Credits.