Our conservator, the Federal Housing Finance Agency (FHFA), caps Freddie Mac's and Fannie Mae's multifamily purchase volume each year. The 2017 cap was set at $36.5 billion; if market conditions warrant, FHFA will adjust the cap following a quarterly review. However, to better support underserved markets, loans on the following types of properties are excluded from the cap:
- Targeted affordable (subsidized) housing
- Affordable units in standard markets
- Affordable units in high-cost or very high-cost markets
- Rural housing
- Small multifamily properties (5 to 50 units)
- Manufactured housing communities
- Seniors assisted-living housing
Also excluded are loans that finance energy- or water-efficiency improvements.
