The 2024 caps, which decreased from $75 billion for each Enterprise in 2023, are based on FHFA's projections of the overall growth of the multifamily originations market.
At least 50% of the Enterprises' multifamily loans are required to be used for affordable housing.
FHFA anticipates the 2024 cap levels will be appropriate given current market forecasts. However, FHFA will continue to monitor the multifamily mortgage market and increase the caps if necessary. If FHFA determines that the actual size of the 2024 market is smaller than initially projected, FHFA will not reduce the caps.
For 2024, FHFA will allow loans classified as supporting workforce housing properties to be exempt from the volume caps.
2024 Multifamily Caps Fact Sheet
2024 Appendix A