Freddie’s new When-Issued certificates come with a couple special conditions.

Multifamily caps have kept Fannie and Freddie from expanding their footprint in the apartment market, which grew by 25% in 2021 and is expected to expand by as much as 11% this year.

When-Issued certificates allow the enterprise to advance fund the guaranteed portions of its signature K-deals. That means Freddie can transfer market risk while pooling collateral for its MBS.

The new goals don’t deviate dramatically from what the agency proposed in August, but the mulitfamily goals will only apply to 2022 instead of the usual three-year time span.

The new system should be able to gather most of the rent roll data directly from popular property management systems.

The Federal Housing Finance Agency sets new standards for assessing Fannie Mae’s and Freddie Mac’s performance and releases a report assessing its own performance.

Critics say the amendments correct some of the flaws in the rule finalized last December, but it’s still far too conservative when compared to historic losses at the GSEs.

A partnership with fintech Esusu Finance will allow landlords to automatically forward positive rental payment history to the major credit reporting bureaus.

Market forces and regulatory issues outside the control of Fannie and Freddie may make it difficult for them to achieve the proposed affordable housing benchmarks.

Expanding the definition of affordability to include more loans in cost-burdened markets could be an important opportunity for multifamily lenders.