Although the GSEs financed fewer affordable units in small multifamily properties, the number of affordable units in Fannie- and Freddie-financed high-rises and garden apartments spiked from 170,000 to 248,000.
FHFA Director Sandra Thompson said workforce housing exemptions should still encourage multifamily borrowers to preserve affordable housing for “extended periods.”
The regulator’s plan to refocus the FHLBanks on housing finance may take some time to get underway. Changing the eligibility requirements for membership, though, doesn’t seem to be likely.
Although Fannie Mae and Freddie Mac met their duty-to-serve obligations, that doesn't mean they achieved all their goals. Both enterprises received low scores in some categories.
Freddie takes steps to ensure its older multifamily housing stock is in adequate repair. This is particularly crucial for properties in affordable housing programs.
Fannie’s decision to lower the downpayment requirement for loans on two- to four-unit multifamily properties should boost investment in this key source of affordable housing.
A new Fannie loan product offers lower pricing and more flexibility to conventional multifamily borrowers who voluntarily set aside units as workforce housing.
A new white paper released by the FHLBank San Francisco outlines the causes and possible solutions to the racial gap in homeownership. The bank’s CEO Bazemore identifies the highlights of the report.
The online application, DPA One, allows lenders to find and match up to 400 downpayment assistance programs with borrowers who need help with closing costs.
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