Year-End Multifamily Production Volume for the GSE Totaled $73.8 Billion.
Freddie Mac Multifamily’s production volume for 2022 totaled $73.8
billion, with the government-sponsored enterprise (GSE) meeting its
affordable housing goals set by the Federal Housing Finance Agency
(FHFA). As part of the total, the GSE had a record of nearly $1 billion
in low-income housing tax credit (LIHTC) equity investments. It also saw
a record for its targeted affordable loan purchases that have a
regulatory rent restriction or subsidy, increasing 60% to $15.3 billion
last year, up from 2021’s $9.6 billion.
“In a year marked by record rent inflation and a rental housing
supply crisis, Freddie Mac Multifamily prioritized its affordable
housing mission,” said Kevin Palmer, head of Freddie Mac Multifamily.
“Not only did we exceed our aggressive affordable housing goals, but we
also set a record for Targeted Affordable Housing, ramped up our LIHTC
equity investments by 45%, and made nearly $2 billion in forward
commitments designed to bolster future housing supply.”
Of the 693,000 rental units financed through loan purchases last
year, over 420,000 were affordable to low-income households earning up
to 80% of the area median income (AMI). This exceeds the 415,000-unit
goal set by the FHFA. Nearly 128,000 units were affordable to very
low-income households earning up to 50% of the AMI, which represents
145% of the 88,000-unit goal. The GSE also surpassed its low-income
housing goal for properties with five to 50 units by 118% with 27,103
units.
According to Freddie Mac Multifamily, nearly 69% of its volume in
2022 qualified as mission-driven affordable housing, exceeding FHFA’s
50% goal. In terms of units, 96% of loan purchases supported units
affordable at 120% of the AMI; 74.1% supported units at 80% of the AMI;
43.7% supported units at 60% of the AMI; and 22.5% supported units at
50% of the AMI.
Other highlights for Freddie Mac Multifamily in 2022 include:
- A record $1.9 billion in forward commitments, which will support 20,000 new or rehabbed affordable housing units;
- $4.4 billion in small-balance loans;
- $2.7 billion in seniors housing loans; and
- $1.6 billion in student housing loans.
“The Freddie Mac Multifamily team and our network of Optigo lenders
worked tirelessly to deliver consistent liquidity to a turbulent market
in 2022,” said Steve Johnson, senior vice president for production and
sales at Freddie Mac Multifamily. “We brought our affordable housing A
game, reaching new heights and hitting goals that few thought possible
in a shrinking originations market. My sincere thanks and appreciation
go out to our lender network and the Freddie Mac team.”
Berkadia topped the list of lenders by volume for 2022, followed by
CBRE, Walker & Dunlop, Capital One, and JLL. PGIM Real Estate,
Newmark, KeyBank, Greystone, and NewPoint Real Estate Capital rounded
out the top 10.
For conventional, Berkadia came in at the top, followed by CBRE,
Walker & Dunlop, Capital One, and JLL. Berkadia also ranked first
for Targeted Affordable Housing, followed by CBRE, Citibank, Merchants
Capital, and KeyBank. Wells Fargo was the top lender for student
housing, CBRE for small-balance loans, and Newmark for seniors housing.
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