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The Biden Administration’s focus on affordable housing is likely to impact the CMBS market in significant ways, a Mortgage Bankers Association spokesman recently told Trepp.

The administration recently announced that the multifamily loan purchase caps next year for Fannie Mae and Freddie Mac will be $78 billion for each, netting a total of $156 billion in support for the multifamily sector. At least of 50% of Fannie and Freddie’s multifamily deals must be in “mission-driven” affordable housing projects, according to the FHFA, and the agency also requires at least a quarter of that business to be affordable to residents at or below 60% of area median income, an increase from 2021’s 20%. And the Department of Housing and Urban Development also announced a plan last month requiring the Federal Financing Bank to loan money to state FHAs and PHAs to create 100,000 units of affordable housing over the next three years.

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