Freddie Mac topped the two multifamily lenders with $47.3 billion in loan purchase volume, spiking from $28.3 billion in 2014, according to what costar tells MHProNews. Ninety percent of the $42.3 billion in financing provided by Fannie Mae to the multifamily market in 2015 supported 569,000 units of multifamily housing.
Said David Brickman, executive vice president of Freddie Mac Multifamily: “Our financing is in every corner of the multifamily market and more diverse than ever, reaching into small balance loans, manufactured housing communities, seniors, student and government subsidized properties. We are focused on increasing the availability of mortgage capital, especially to the affordable and workforce housing sectors where demand continues to far outstrip supply.”
Roughly $17 billion was not subject to the Federal Housing Finance Agency’s $30 billion cap and included loans for manufactured housing, senior housing, affordable housing and smaller multifamily housing.
Of the total 2015 multifamily production, manufactured housing communities accounted for $786 million, an increase of 58 percent over the $496 million in 2014.
Melvin L. Watt, director of the FHFA, says the agency will maintain the $30 billion cap for the GSEs in 2016, and will perform a quarterly review of the market to determine if adjustments are necessary. He said, “We will continue to exclude from the cap loans for affordable properties, including those in higher-cost areas. We will also continue to exclude certain loans for manufactured housing communities, as well as seniors housing and small multifamily properties affordable to low-income tenants.” ##
(Image credit: housingwire)
