Thank you for your partnership last year in supporting the country’s underserved markets through our 2022 – 2024 Duty to Serve Plan. While our objectives will remain the same in 2023, there are loan purchase targets that have increased. We’ll need your partnership more than ever this year!
2023 Loan Purchase Targets
To provide liquidity to underserved markets, our 2023 Duty to Serve plan includes the following loan purchase targets. If you have a deal that qualifies for these objectives, please be sure to notify your deal team.
Affordable Housing Preservation
- 159 loans secured by Project-Based Section 8 properties
- 9 loans secured by USDA Section 515 properties ▲
- 205 loans secured by Low-Income Housing Tax Credit (LIHTC) properties
- 66 loans secured by properties under State or Local affordable housing programs ▲
- Loans financing 1,110 units at Rental Assistance Demonstration (RAD) properties ▲
- 30 loans on properties located in Residential Economic Diversity (RED)-eligible High Opportunity Areas ▲
Manufactured Housing Communities (MHC)
- Loans financing 7 MHC properties owned by government entities, nonprofit organizations, or residents ▲
- $2 billion of loans financing MHCs with tenant site lease protections (TSLPs) ▲
- Loans financing 2,100 units at MHC properties benefiting from Manufactured Housing Rental flexibilities ▲
- 50 loans on properties located in high-needs rural regions ▲
- 72 loans on small rural properties (5-50 units) ▲
▲ – Target increased from 2022
Duty to Serve Resources
We have resources to help you identify markets and loans that qualify for Duty to Serve. Be on the lookout for additional resources coming this year.
- 2023 Duty to Serve Eligibility Guide – Describes the general eligibility for DTS as well as specific eligibility criteria for each loan purchase target.
- Fannie Mae Area Median Income (AMI) Lookup Tool – Determine if a specific property is located in a rural or high-needs rural region.
- Fannie Mae Marketing Center – Access and customize product marketing materials for outreach efforts (includes product sheets for MHC, Small Loans, and coming soon, Rural Housing).
- Section 515 Overview – Outlines the benefits of securing Fannie Mae debt for Section 515 properties.
Have a question? Contact us at the Duty to Serve mailbox. Together we can help expand access to affordable rental housing in the country’s underserved markets.