Fannie and Freddie to Expand Support for Rental Housing
The Federal Housing Finance Agency (FHFA) announced today that the 2025 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $73 billion for each Enterprise, for a combined total of $146 billion to support the multifamily market. The 2025 caps represent more than a 4% increase from 2024.
Just like in 2024, when the cap for each Enterprise was $70 billion, multifamily loans that finance workforce housing will be excluded from the 2025 limits.
Over the past year, since workforce housing was first exempted from the caps, both Enterprises have seen encouraging growth in this critical market segment. In addition, FHFA will continue to require that at least 5% of the Enterprises’ multifamily businesses be mission-driven.
FHFA will continue to monitor the multifamily mortgage market and maintains the ability to raise the caps further if necessary to support liquidity in the market. However, to prevent market disruption, if FHFA determines that the actual size of the 2025 market is smaller than was initially projected, FHFA will not lower the caps.
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