With 2024 now at a close, I would like to thank our lenders, investors and borrowers for their continued partnership. Together, we provided stability and liquidity to the multifamily market — for both affordable and market rate loans. Most importantly, we helped to make quality, affordable rental housing more available nationwide and improve the lives of renters.

In 2024, our production volume was over $66 billion — with a record high of more than $17 billion in Targeted Affordable Housing to support nearly 133,000 rent-restricted affordable units. As part of that total, we delivered $1 billion in Low-Income Housing Tax Credit equity investments — a record year for these investments.

I’m pleased to share that about 65% of our 2024 volume qualified as mission-driven, far exceeding the 50% goal set by FHFA. In addition, we:

  • Financed more than half a million units, with nearly 93% affordable at up to 120% area median income (AMI). More than 65% of these units were affordable to low-income residents earning 80% AMI or less, and over 15% affordable to very low-income residents who make 50% of AMI or less — surpassing both goals
  •  Produced more than 15,000 low-income 5-to-50 units. The year also marked the 10th anniversary of our Small Balance Loan program
  • Funded $2.8 billion in forward commitments, which will support the construction or rehabilitation of more than 23,000 affordable units

As announced last week, we issued $56 billion in multifamily securities in 2024, expanding our platform to meet market demands. Our securitization platform is a key part of our business strategy, allowing us to transfer credit risk.

Looking ahead to 2025, we remain focused on promoting resident-centered initiatives, supporting liquidity in the market and financing quality affordable housing for renters nationwide.

Thank you for all your efforts. I look forward to what we’ll achieve together in the new year!