Affordable housing property in Pennsylvania

FHFA Announces 2024 Multifamily Loan Purchase Caps for GSEs

by Lynn Peisner

​​​​​​​​​​​Washington, D.C. — The Federal Housing Finance Agency (FHFA), the organization that regulates Fannie Mae and Freddie Mac, has set 2024 multifamily loan purchase caps for $70 billion for each enterprise for a combined total of $140 billion. FHFA will require that at least 50 percent of the enterprises’ multifamily businesses be mission-driven, affordable housing.

Examples of “mission-driven” housing include loans on properties subsidized by the Low-Income Housing Tax Credit (LIHTC) program, loans on properties covered by a Section 8 Housing Assistance Payment contract where the contract limits tenant incomes to 80 percent of area median income (AMI) or below; and loans on properties developed under state or local inclusionary zoning, real estate tax abatement or similar programs. These types of loans will be subject to the program caps. However, the agency has deemed some specific loans classified as “supportive workforce housing properties” will be exempt from the volume caps. Click here for definitions of these properties.

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