Just Released - 2022 Multifamily Caps for Fannie Mae and Freddie Mac
[LINK TO FACTSHEET](https://www.fhfa.gov/Media/PublicAffairs/PublicAffairsDocuments/2022-Multifamily-Caps-Factsheet.pdf)

**Highlights of 2022 Multifamily Caps**

* $78B for each Enterprise (Total $156B during the calendar year of 2022)
* Represents a $8B increase for Freddie over the 2021 cap
* FHFA requiring at least 50% of both Enterprises' MF business be mission driven or affordable
* FHFA requiring at least 25% of both Enterprises' MF business be affordable at 60% AMI or below (represents a 5% increase compared to 2021 requirements)
* Cost Burden Locations: FHFA will designate markets with cost-burdens to renters. In such markets, renters with incomed up to 100% or 120% AMI will be classified as mission-driven (depending on the market)


**What This Means for Borrowers**

* Expect both agencies to push to deploy capital in Q1 of 2022. Could cause Banks/CU/LifeCo to pull back from market or lower rates to compete
* "Mission Driven" will include more product, especially in HCOL markets once announced

What changes do you expect to see in the 2022 MF lending market?
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