For those who may have missed it, the
1. Loans on affordable units in cost-burdened renter markets can qualify if rents are affordable at 100% AMI for cost-burdened markets or 120% AMI for very cost-burdened markets.
2. Loans under
3. Targeted affordable housing loans (loans on properties encumbered by a regulatory agreement or recorded use restriction) no longer have to comply with a general 80% AMI qualifier.
4. For (a) loans on properties whose rents are affordable to tenants at various income thresholds but which are not subject to a regulatory agreement or recorded use restriction and (b) loans on small multifamily properties (5-50 units), the income threshold for affordability is 80% of AMI in standard renter markets, 100% AMI in cost-burdened markets, and 120% AMI in very cost-burdened markets.
These changes align with the administration's focus on affordable housing and traditionally underserved markets and allow the Enterprises more flexibility in fulfilling their "mission driven" requirements.
FHFA stated that it would consider updating the multifamily loan caps and mission-driven requirements if adjustments are warranted, but FHFA stated that it would not reduce the caps if the 2022 multifamily market is smaller than initially projected.
The full announcement can be viewed here: FHFA Announces 2022 Multifamily Loan Purchase Caps for
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Mr
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