FHFA Sets 2024 Multifamily Loan Purchase Caps: What Realtors Need to Know
Lisa Mailhot | November 15, 2023
Buyers
Lisa Mailhot | November 15, 2023
Buyers
The real estate landscape is constantly evolving, and it's essential for everyone to stay updated on the latest developments. One recent announcement of significance is the Federal Housing Finance Agency's (FHFA) decision regarding the 2024 multifamily loan purchase caps for Fannie Mae and Freddie Mac, totaling an impressive $140 billion. In this blog post, we'll break down what this means for the multifamily market, affordable housing, and why it matters to all of us.
As of November 14, 2023, FHFA has set the 2024 multifamily loan purchase caps at an impressive $70 billion for each government-sponsored enterprise (GSE), adding up to a combined total of $140 billion. This substantial financial commitment is aimed at bolstering the multifamily housing market and addressing the growing need for affordable rental housing.
FHFA's announcement also comes with a significant requirement: at least 50% of the GSEs' multifamily businesses must be "mission-driven, affordable housing." This means that a substantial portion of their lending activities will focus on making housing more accessible and affordable for a wider range of individuals and families.
One notable aspect of the 2024 multifamily loan caps is the exemption for loans supporting workforce housing properties listed in Appendix A of the Conservatorship Scorecard. These loans will not be subject to the volume caps, promoting the preservation of affordable rents for extended periods of time.
So, how does this decision by FHFA affect not just Realtors, but the general public as well? Here are some key takeaways:
The FHFA's decision to set the 2024 multifamily loan purchase caps at $70 billion for each GSE, with an emphasis on affordable housing and a workforce housing exemption, marks an important development in the real estate landscape. It's a step toward addressing the housing challenges many individuals and families face today. As we move forward, staying informed about these changes is essential for everyone, and it can help you find the right housing opportunities in the multifamily market.
Reference: FHFA Sets 2024 Multifamily Loan Purchase Caps at $70 Billion Per GSE (By Phil Hall | Nov 14, 2023)
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