Fannie Mae Multifamily Ends 2022 With $69 Billion in Volume

By Christine Serlin

Fannie Mae provided over $69 billion in debt financing for the multifamily market in 2022. It also delivered on its mission to provide access to affordable housing through its Delegated Underwriting and Servicing (DUS) platform and low-income housing tax credit (LIHTC) equity investments.

“This year marks our 35th anniversary of DUS, a platform that relies on shared risk and strong lender partnerships to serve the needs of the rental housing market,” said Michele Evans, executive vice president and head of multifamily at Fannie Mae. “Our DUS program is well positioned to support the secondary market and play a key role as a stable source of liquidity. We look forward to working with our DUS lenders in the coming year to continue to serve the market and address its most pressing challenges.”

In 2022, Fannie Mae’s multifamily affordable housing volumes totaled $10.3 billion, nearly 7% higher than the $9.6 billion mark achieved the prior year. Structured transactions and student housing volume also saw increases last year. Structured transactions jumped 82.6% to $10.3 billion, and student housing saw a 26% increase to $1.2 billion. Seniors housing volume totaled $1 billion last year, up more than 26% from 2021’s total. In addition, green financing volume came in at $9.1 billion for 2022, while small loan volume totaled $3.4 billion.

In terms of LIHTC equity, the government-sponsored enterprise committed all of its $1.7 billion cap for calendar years 2021 and 2022, with these investments creating or preserving over 35,000 affordable housing units. Since reentering the market, Fannie Mae has provided over $3 billion in equity investments over the past five years throughout the nation, including for underserved markets; supportive housing developments; disaster-impacted areas; and populations with unmet needs, such as Native American and farmworker communities.

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