FHFA Reduces Fannie Mae, Freddie Mac Multifamily Loan Purchase Caps for 2024
The Federal Housing Finance Agency (FHFA) announced today that the 2024 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise, for a combined total of $140 billion to support the multifamily market.
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.
Latest from NAHBNow
Advocacy
Jan 22, 2026
NAHB Urges Congress to Ease Regulatory Burdens to Help Housing AffordabilityThe best way to ease the nation’s housing affordability crisis is for policymakers to eliminate excessive regulations that are preventing builders from increasing the housing supply, NAHB told Congress today.
Advocacy
Jan 22, 2026
NAHB Podcast: The Davos Housing Update That Wasn’tOn the latest episode of NAHB’s podcast, Housing Developments, Chief Operating Officer Paul Lopez is joined by Chief Advocacy Officer Ken Wingert to discuss the latest housing policies, including the housing announcement (or lack thereof) at the World Economic Forum and NAHB's continued advocacy efforts for 2026.
Latest Economic News
Economics
Jan 22, 2026
House Prices Decline in Local Markets Despite National GrowthNationally, house prices continued to rise at a modest pace in the third quarter of 2025, as mentioned in our previous quarterly house prices post. However, this national trend masks significant variation across local markets. While many metro areas continued to see house price appreciation, others experienced notable declines following several years of rapid growth.
Economics
Jan 21, 2026
Private Residential Construction Spending Edges Higher in October on Home ImprovementsPrivate residential construction spending was up 1.3% in October, rebounding from a 1.4% decline in September 2025. This modest gain was primarily driven by increased spending on home improvements.
Economics
Jan 21, 2026
Single-Family Permits Cooled in the FallIn October, single-family building permits weakened, reflecting continued caution among builders amid affordability constraints and financing challenges. In contrast, multifamily permit activity remained steady and continued to perform relatively well.