Fannie Mae Multifamily Closes 2022 With $69 Billion in Volume

Rhea-AI Summary

Fannie Mae (OTC: FNMA) reported providing over $69 billion in debt financing in 2022 to support affordable housing through its DUS® platform and Low-Income Housing Tax Credit equity. This marked a significant achievement, with Multifamily Affordable Housing volumes rising nearly 7% to $10.3 billion. Structured Transactions surged by 82.6% to $10.3 billion, and Seniors Housing financing rose over 26% to $1 billion. Fannie Mae's LIHTC investments created or preserved more than 35,000 affordable units and committed $1.7 billion in capital for 2021 and 2022.

Positive

• Provided over $69 billion in debt financing for 2022.
• Multifamily Affordable Housing volumes increased to $10.3 billion, up nearly 7% from 2021.
• Structured Transactions increased by 82.6% to $10.3 billion in 2022.
• Seniors Housing financing rose more than 26% to $1 billion.
• LIHTC investments created or preserved more than 35,000 affordable units.

Negative

• None.

Fannie Mae's Multifamily Financing Provided Continued Support for Affordable Housing and Other Market Segments

WASHINGTON, Jan. 27, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) provided more than $69 billion in debt financing to support the multifamily market in 2022. Through our Delegated Underwriting and Servicing (DUS®) platform, along with our Low-Income Housing Tax Credit (LIHTC) equity, we delivered on our mission to provide access to affordable housing throughout the country.

"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, 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."

Fannie Mae's presence in the market and the success of its partnerships were exhibited across multiple sectors in 2022. Notably, Multifamily Affordable Housing volumes totaled $10.3 billion in 2022, up nearly 7 percent from $9.6 billion in 2021, while Structured Transactions and Student Housing increased from $5.7 billion to $10.3 billion (82.6 percent) and $0.9 billion to $1.2 billion (26 percent), respectively. Additionally, Seniors Housing volumes totaled $1 billion last year, up more than 26 percent from $0.8 billion in 2021.

Our LIHTC investments provided a reliable source of capital and served as a stabilizing influence on affordable housing. Fannie Mae was able to commit all of its $1.7 billion cap for calendar years 2021 and 2022 and these investments create or preserve more than 35,000 affordable units. In the past five years since we re-entered the market, we have provided over $3 billion in equity investments in properties throughout the country, including underserved markets, populations with unmet needs, such as Native American and farmworker communities, supportive housing development, and disaster-impacted areas.

"We want to thank our DUS lenders for their partnership and helping us support the multifamily market," said Rob Levin, Senior Vice President and Multifamily Chief Customer Officer, Fannie Mae. "Together with our lenders, we were active across all market segments while building a balanced portfolio."

The following top 10 DUS Lenders produced the highest business volumes in 2022. Also listed below are the Top 5 Lender rankings for highest volumes in 2022 for Structured Transactions, Multifamily Affordable Housing, Green Financing, Small Loans, Manufactured Housing Communities, Student Housing, and Seniors Housing.

Top 10 Producers in 2022		Volume ($Billion)
1.	Walker & Dunlop, LLC	$11.4
2.	Berkadia Commercial Mortgage, LLC	$6.8
3.	CBRE Multifamily Capital, Inc.	$6.2
4.	Wells Fargo Multifamily Capital	$4.7
5.	Newmark	$4.6
6.	Greystone Servicing Company LLC	$4.4
7.	JLL Real Estate Capital, LLC	$4.2
8.	KeyBank National Association	$3.6
9.	Capital One, National Association	$3.3
10.	Arbor Commercial Funding I, LLC	$3.1

Top 5 DUS Producers for Structured Transactions in 2022

1. Wells Fargo Multifamily Capital
2. CBRE Multifamily Capital, Inc.
3. Newmark
4. Walker & Dunlop, LLC
5. KeyBank National Association

Top 5 DUS Producers for Multifamily Affordable Housing in 2022¹  

1. Wells Fargo Multifamily Capital
2. CBRE Multifamily Capital, Inc.
3. Walker & Dunlop, LLC
4. Berkadia Commercial Mortgage, LLC
5. Capital One, National Association

Top 5 DUS Producers for Green Financing in 2022²

1. Walker & Dunlop, LLC
2. Berkadia Commercial Mortgage, LLC
3. Greystone Servicing Company LLC
4. CBRE Multifamily Capital, Inc.
5. KeyBank National Association

Top 5 DUS Producers for Small Loans in 2022³

1. Greystone Servicing Company LLC
2. Arbor Commercial Funding I, LLC
3. Walker & Dunlop, LLC
4. Berkadia Commercial Mortgage, LLC
5. Lument

Top 5 DUS Producers for Manufactured Housing Communities in 2022 

1. Bellwether Enterprise Real Estate Capital, LLC
2. Walker & Dunlop, LLC
3. Wells Fargo Multifamily Capital
4. KeyBank National Association
5. Grandbridge Real Estate Capital, LLC

Top 5 DUS Producers for Student Housing in 2022

1. KeyBank National Association
2. Wells Fargo Multifamily Capital
3. Walker & Dunlop, LLC
4. Capital One, National Association
5. CBRE Multifamily Capital, Inc.

Top 5 DUS Producers for Seniors Housing in 2022

1. Greystone Servicing Company LLC
2. PNC Real Estate
3. Bellwether Enterprise Real Estate Capital, LLC
4. Wells Fargo Multifamily Capital
5. M&T Realty Capital Corporation

Listed below are 2022 production highlights for individual business categories, which are included in the total multifamily production number.

• Structured Transactions – $10.3 billion, an increase of nearly 83 percent from $5.7 billion in 2021
• Multifamily Affordable Housing¹ – $10.3 billion, an increase of nearly 7 percent from $9.6 billion in 2021
• Green Financing² – $9.1 billion
• Small Loans³ – $3.4 billion
• Manufactured Housing Communities – $2.7 billion
• Student Housing – $1.2 billion, an increase of 26 percent from $0.9 billion in 2021
• Seniors Housing – $1 billion, an increase of more than 26 percent from $0.8 billion in 2021

¹ Multifamily Affordable Housing Loans are defined as financing for rent-restricted properties and properties receiving other federal and state subsidies. Affordable housing acquisitions also include 20% at 80% AMI, Special Public Purpose Multifamily Affordable Housing (SPP MAH), and Sponsor-Initiated Affordability Multifamily Affordable Housing (SIA MAH).

² Green Loans are defined as loans for properties with Green Building Certifications or loans that are projected to achieve specified reductions in the property's energy usage and water usage that sum to at least 30 percent, of which a minimum of 15 percent must be projected energy savings.

³ Small Loans are defined as loans of $6 million or less nationwide and loans for properties with 5 or more units nationwide.

** Due to rounding, amounts reported may not add up to overall totals.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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https://www.fanniemae.com/news

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1-800-2FANNIE (800-232-6643)

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SOURCE Fannie Mae

FAQ

What was Fannie Mae's debt financing volume in 2022?

Fannie Mae provided over $69 billion in debt financing in 2022.

How much did Multifamily Affordable Housing volume increase in 2022?

Multifamily Affordable Housing volume increased nearly 7% to $10.3 billion in 2022.

What was the percentage increase in Structured Transactions for Fannie Mae in 2022?

Structured Transactions surged by 82.6% to $10.3 billion in 2022.

How many affordable units did Fannie Mae's LIHTC investments create in 2022?

Fannie Mae's LIHTC investments created or preserved over 35,000 affordable units.

What was the total financing for Seniors Housing by Fannie Mae in 2022?

Total financing for Seniors Housing reached $1 billion, a more than 26% increase from 2021.