The Federal Housing Finance Agency (FHFA) announced that the 2023 multifamily loan purchase caps for Freddie Mac and Fannie Mae will be $75 billion each. That is $3 billion less than the 2022 goals, which is attributed to an expected contraction of the multifamily originations market. FHFA will adjust upward if the market warrants but will not reduce the caps. At least 50 percent of the Fannie and Freddie multifamily business must be mission-driven affordable housing, but FHFA will no longer require that 25 percent of Freddie’s and Fannie’s multifamily business be affordable at 60 percent of the area median income or below. FHFA also released a fact sheet and document explaining the multifamily definitions.
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