FHFA Announces 2021 Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac

The Federal Housing Finance Agency (FHFA) announced that the 2021 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise. The cap structure allows the Enterprises to offer a combined total of $140 billion in support to the multifamily market. At least 50 percent of the Enterprises multifamily loans are required to be used for affordable housing and at least 20 percent must affordable to resident at 60 percent of area median income. Additionally, for the first time, affordable housing manufactured housing communities (MHC) must either be resident/government/nonprofit-owned or must have tenant pad lease protections to be counted as mission-driven, affordable housing. NH&RA applauds the increased caps and looking forward to working with FHFA, Fannie Mae and Freddie Mac to ensure sufficient liquidity in the multifamily mortgage market during this economic downturn.