With 2023 now at a close, I would like to thank our lenders, investors and borrowers for their partnership during a challenging year. When many others stepped back, we came together to provide critical stability and liquidity to the multifamily market — for both affordable and market rate loans. 

In 2023, our production volume was $48.3 billion, of which more than $13 billion was for Targeted Affordable Housing. We also completed $883 million in Low-Income Housing Tax Credit equity investments. 

Despite market headwinds, I am pleased to share that 66% of our 2023 volume qualified as mission-driven, far exceeding the FHFA-set 50% goal. In addition, we: 

  • Financed 447,000 units with over 92% affordable at 120% area median income (AMI) — over 67% of these units were affordable to low-income residents earning 80% AMI or less, and over 20% were affordable to very low-income residents earning 50% of AMI or less — surpassing both goals 
  • Produced 13,908 low-income 5-to-50 units, exceeding our goal by 60% 
  • Funded a record $2.6 billion in forward conversions, which supported more than 21,000 newly constructed or rehabilitated affordable units 
  • Included tenant protections in the financing of nearly 29,000 manufactured housing community pads — a new milestone 

We’re especially proud of our Credit-Building initiative. Since the program’s inception, over 425,000 renters have enrolled in rent-reporting services, with over 45,000 credit scores established and over 250,000 renters seeing their credit scores benefit. 

Additionally, you likely saw our announcement that we issued $53.1 billion in multifamily securities in 2023. Our securitization platform is a key part of our business strategy, allowing us to transfer credit risk. 

Looking ahead, we remain focused on supporting liquidity, financing quality affordable housing and promoting resident-centered initiatives. 

I look forward to what we’ll achieve together in 2024.