As part of the Trillion Dollar Commitment, we have energized the private multifamily market, creating a tangible response to the nation's need for decent, affordable rental housing. This effort goes hand in hand with revitalizing neighborhoods through homeownership in single-family housing. Producing multifamily housing requires an abundance of partners-including lenders, investors, developers, property owners, property managers, nonprofit organizations, foundations, and federal, state, and local government, including housing authorities and housing agencies.
Financing is multilayered, complex, and often difficult to assemble in required time frames.
Fannie Mae brings to multifamily not only accessible and flexible financing but also the resources of Wall Street. Our participation with lenders in providing this financing in 1997 created or preserved over 254,000 units of housing in multifamily properties, most of them affordable rental apartments. Fannie Mae counts on DUS lenders to originate, underwrite, close, and deliver large volumes of high-quality multifamily loans, usually without Fannie Mae's prior review. Most mortgages that DUS lenders deliver are backed by existing properties, including those that need moderate rehabilitation and are affordable to families earning the median income in their area. Targeted Affordable Housing loan products are available for refinancing existing properties and for permanent financing of new construction or substantial rehabilitation.