Fannie Mae Multifamily Ends 2022 With $69 Billion in Volume

Article originally posted on Multifamily Executive on February 1, 2023

Fannie Mae provided over $69 billion in debt financing for the multifamily market in 2022. It also delivered on its mission to provide access to affordable housing through its Delegated Underwriting and Servicing (DUS) platform and low-income housing tax credit (LIHTC) equity investments.

“This year marks our 35th anniversary of DUS, a platform that relies on shared risk and strong lender partnerships to serve the needs of the rental housing market,” said Michele Evans, executive vice president and head of multifamily at Fannie Mae. “Our DUS program is well positioned to support the secondary market and play a key role as a stable source of liquidity. We look forward to working with our DUS lenders in the coming year to continue to serve the market and address its most pressing challenges.”

In 2022, Fannie Mae’s multifamily affordable housing volumes totaled $10.3 billion, nearly 7% higher than the $9.6 billion mark achieved the prior year. Structured transactions and student housing volume also saw increases last year. Structured transactions jumped 82.6% to $10.3 billion, and student housing saw a 26% increase to $1.2 billion. Seniors housing volume totaled $1 billion last year, up more than 26% from 2021’s total. In addition, green financing volume came in at $9.1 billion for 2022, while small loan volume totaled $3.4 billion.

In terms of LIHTC equity, the government-sponsored enterprise committed all of its $1.7 billion cap for calendar years 2021 and 2022, with these investments creating or preserving over 35,000 affordable housing units. Since reentering the market, Fannie Mae has provided over $3 billion in equity investments over the past five years throughout the nation, including for underserved markets; supportive housing developments; disaster-impacted areas; and populations with unmet needs, such as Native American and farmworker communities.

“We want to thank our DUS lenders for their partnership and helping us support the multifamily market,” said Rob Levin, Fannie Mae senior vice president and multifamily chief customer officer. “Together with our lenders, we were active across all market segments while building a balanced portfolio.”

Walker & Dunlop was the top DUS producer by volume for 2022, followed by Berkadia, CBRE Multifamily Capital, Wells Fargo Multifamily Capital, and Newmark. Greystone, JLL Real Estate Capital, KeyBank, Capital One, and Arbor Commercial Funding rounded out the top 10.

For structured transactions, Wells Fargo came in at the top, followed by CBRE, Newmark, Walker & Dunlop, and KeyBank. Wells Fargo also ranked first for multifamily affordable housing, followed by CBRE, Walker & Dunlop, Berkadia, and Capital One. KeyBank was the top producer for student housing, Greystone for small loans and seniors housing, and Walker & Dunlop for green financing.