The Federal Housing Finance Agency (FHFA) announced new multifamily loan purchase caps of $100 million each for Fannie Mae and Freddie Mac from the fourth quarter of 2019 to the fourth quarter of 2020. The new caps apply to all multifamily business with no exclusions. The FHFA also directs at least 37.5 percent of Fannie Mae and Freddie Mac multifamily business to mission-driven affordable housing.
Yesterday the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies (T-HUD) favorably reported its FY 2020 funding bill to the full committee. The full Senate Appropriations Committee will hold a hearing on the bill at 10:30 am EDT on September 19 in the Dirksen Senate Office Building, Room 106 and via webcast.
As of publication, the T-HUD bill has yet to be released. Overall the subcommittee received a 302(b) allocation of $74.3 billion, $3.2 billion above the FY 2019 enacted levels. HUD received $56.0 billion in total budgetary resources, which is offset by $7.4 billion in receipts from the Federal Housing Agency/Ginnie Mae for a net funding level of $48.6 billion, an increase of $2.3 billion above the FY 2019 enacted level.Read More