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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that the 2018 multifamily lending caps for Fannie Mae and Freddie Mac (the Enterprises) will be $35 billion for each Enterprise, down from $36.5 billion in 2017. The caps are based on projections of the overall size of the 2018 multifamily originations market, which FHFA expects to be slightly smaller than that market in 2017.
While FHFA's forthcoming 2018 Scorecard will provide additional information on the role that FHFA expects the Enterprises to play in the multifamily market, FHFA announced the caps today to maintain continuity in the multifamily market and to provide all stakeholders adequate time to plan for their 2018 business.
As in prior years, FHFA will review its estimates of the multifamily loan origination market size on a quarterly basis and will adjust the caps, if necessary. To prevent disruption in the market, however, if FHFA determines that the actual size of the 2018 market is smaller than was initially projected it will not reduce the caps.
The multifamily lending caps are intended to further FHFA's strategic goal that the Enterprises provide liquidity for the multifamily market without impeding the participation of private capital. Because market support for affordable housing has been historically weak, FHFA will continue to exclude from the 2018 caps certain loans in the affordable and underserved market segments. For 2018, FHFA is making the following changes to these excluded categories:
Further details will be provided in FHFA's 2018 Scorecard.
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032Consumers: Consumer Communications or (202) 649-3811
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