2024 Affordable Housing Goals, Lending Cap & Cost-Burdened Designations
Affordable Housing Goals Rule
Last year, the Federal Housing Finance Agency (FHFA) finalized a rule, which established benchmark levels for our 2023 and 2024 multifamily Affordable Housing Goals. Unlike in prior years, where the rule established unit-based goals, the 2023-2024 rule set percentage targets as follows:
- Low-Income Housing: 61%
- Very Low-Income Housing Subgoal: 12%
- Small Multifamily Low-Income Housing Subgoal (5–50 units): 2.5%
Multifamily Lending Cap and Mission-Driven Requirements
Separately, in November, FHFA announced its 2024 multifamily lending caps. Both multifamily enterprises can each purchase up to $70 billion in multifamily loans. At least 50% of our loan purchases, based on UPB calculations, must be “mission-driven, as defined by Appendix A of the FHFA Scorecard.
New this year is that loans preserving affordability for workforce housing under the terms of the loan agreement may be exempt from the volume cap.
For more information, check out FHFA’s 2024 Multifamily Caps Fact Sheet.
Cost-Burdened and Very Cost-Burdened Market Designations
Appendix A also outlines the mission-driven treatment of loans for affordable units in standard, cost-burdened and very cost-burdened renter markets. FHFA has now established these designations for 2024, and that list is available here.
We look forward to working alongside our Optigo® lenders in 2024 to continue to fulfill our mission — and to provide more affordable housing for renters nationwide.