Fannie Mae’s $52 Billion Financing Milestone Reinforces Multifamily Housing Market
In a substantial move to bolster the multifamily housing market, Fannie Mae has provided over $52 billion in financing throughout the previous year. The company’s strategic actions have significantly enhanced the availability of affordable housing, particularly through its Delegated Underwriting and Servicing (DUS®) platform. Since its re-entry into the Low-Income Housing Tax Credit market in 2018, the company has committed approximately $4 billion in net equity to fortify this crucial segment.
Michele Evans, Executive Vice President and Head of Multifamily at Fannie Mae, has articulated a sense of accomplishment regarding the company’s contributions. The DUS program, which commemorates its 36th anniversary, has played a pivotal role in delivering essential liquidity to the multifamily industry, aiding a variety of housing segments. In the past year, the company has directed substantial funds to various initiatives, including $8.5 billion to Structured Transactions, $7.5 billion to Green Financing, and $6.6 billion to Multifamily Affordable Housing. The company also saw a significant uptick in Manufactured Housing Communities loan production, which escalated from $2.7 billion to $3.5 billion, marking a 29% increase.
Rob Levin, Senior Vice President and Multifamily Chief Customer Officer at Fannie Mae, recognized the resilience and adaptability of DUS lenders in the face of market fluctuations. The synergy between Fannie Mae and its network of lenders has been essential in upholding market stability and encouraging the adoption of initiatives such as Sponsor-Initiated Affordability and the Positive Rent Payment pilot. The company remains resolute in its pursuit of objectives for the forthcoming year, in collaboration with its lending partners.
The organization has also acknowledged the top DUS Lenders for their substantial business volumes in the past year. Walker & Dunlop, LLC was at the forefront with $6.6 billion, followed by Berkadia Commercial Mortgage, LLC with $5.3 billion, and Greystone Servicing Company, LLC with $5.1 billion. These entities played a significant role in advancing the success of various housing sectors, including Multifamily Affordable Housing, Structured Transactions, Green Financing, Small Loans, Manufactured Housing Communities, Seniors Housing, and Student Housing. The leading producers in each category have underscored the robustness and breadth of Fannie Mae’s partnerships.
The firm’s financing endeavors in the past year have provided considerable support to the multifamily housing market, with a distinct emphasis on affordable housing. The company’s alliances with DUS lenders have been instrumental in ensuring liquidity and consistency across diverse housing sectors. As the company persists in its mission, the anticipated expansion of its positive influence on communities and the multifamily industry is a testament.
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