The Federal Housing Finance Agency (FHFA) has announced that the 2023 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the GSE) will be $75 billion for each GSE, for a combined total of $150 billion to support the multifamily market. The 2023 caps reflect an anticipated contraction of the multifamily originations market in 2023. To ensure a strong focus on affordable housing and traditionally underserved markets, FHFA will require that at least 50 of the Enterprises' multifamily business be mission-driven affordable housing. "The 2023 multifamily loan caps, coupled with a new mission-driven category for workforce housing properties, will continue to ensure that the Enterprises have a strong commitment to addressing the need for affordable housing," said Director Sandra L. Thompson. "The new workforce housing category will provide incentives for conventional borrowers to maintain rents at affordable levels for extended periods of time." In addition, FHFA has changed certain definitions of multifamily mission-driven affordable housing in Appendix A of the Conservatorship Scorecard. In 2023, FHFA will allow loans to finance energy or water efficiency improvements with units affordable at or below 80 of AMI to be classified as mission-driven, up from 60 AMI in 2022. This increase will allow the Enterprises to expand their effort on energy and water conservation measures at workforce housing properties.
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