Fannie Mae (FNMA/OTCQB) announced that they provided more than $55 billion in financing to support the U.S. multifamily market in 2024.
Fannie Mae provided significant liquidity across key housing segments in 2024, including more than $6.3 billion in Multifamily Affordable Housing, $4.7 billion in Small Loans, $1.3 billion in Manufactured Housing, and $6.6 billion in Structured Transactions. Notably, the company saw a 101% year-over-year gain in its Green Financing loan production, up from $7.5 billion in 2023 to $15.1 billion in 2024. Additionally, Fannie Mae committed $1.2 billion of total forward commitments in 2024 – up from $326 million in 2023 – enabling the development and rehabilitation of additional affordable housing supply by providing certainty and stability for lender, borrower, and builder pipelines.
The company also has committed approximately $4 billion in net equity to Low-Income Housing Tax Credit (LIHTC) investments since re-entering the LIHTC market in 2018. Through these investments, Fannie Mae has enabled the creation and preservation of tens of thousands of affordable rental housing units and invested in hundreds of properties in communities throughout the United States.
In 2024, Fannie Mae advanced its Sponsor-Dedicated Workforce and Sponsor-Initiated Affordability initiatives for multifamily borrowers, offering private-market financing mechanisms to create and preserve more workforce and affordable housing. Additionally, Fannie Mae enhanced its Expanded Housing Choice pilot initiative in 2024 to enable more multifamily borrowers to increase rental housing opportunities for Housing Choice Voucher holders across the country.
“With the continued support, commitment, and adaptability of our DUS lenders, Fannie Mae remained a leading and stable source of multifamily mortgage financing nationwide during another challenging year for the market,” said Rob Levin, Senior Vice President and Multifamily Chief Customer Officer, Fannie Mae. “We are grateful to our partners for their feedback on how we can increase liquidity to best support the multifamily housing industry. Together, we finished the second half of 2024 strong, and we have carried that momentum into 2025 to unlock new opportunities for lenders, borrowers, and investors.”
The following top 10 DUS Lenders produced the highest business volumes with Fannie Mae in 2024. Also listed below are the Top Lender rankings for highest volumes in 2024 for Multifamily Affordable Housing, Structured Transactions, Green Financing, Small Loans, Manufactured Housing Communities, Seniors Housing, and Student Housing.
Top 10 Producers in 2024 — Volume ($Billion)
- Walker & Dunlop, LLC — $7.04
2. Berkadia Commercial Mortgage, LLC — $6.25
3. CBRE Multifamily Capital, Inc. — $6.17
4. Newmark — $4.52
5. JLL Real Estate Capital, LLC — $3.04
6. Greystone Servicing Company, LLC — $2.98
7. Wells Fargo Multifamily Capital — $2.88
8. Arbor Commercial Funding I, LLC — $2.68
9. KeyBank National Association — $2.44
10. PNC Real Estate — $2.20
Top 5 DUS Producers for Multifamily Affordable Housing in 20241
Wells Fargo Bank, N.A.
Walker & Dunlop, LLC
CBRE Multifamily Capital, Inc.
Berkadia Commercial Mortgage, LLC
JLL Real Estate Capital, LLC
Top 5 DUS Producers for Structured Transactions in 2024
KeyBank National Association
Berkadia Commercial Mortgage, LLC
Walker & Dunlop, LLC
JLL Real Estate Capital, LLC
CBRE Multifamily Capital, Inc.
Top 5 DUS Producers for Green Financing in 20242
CBRE Multifamily Capital, Inc.
Berkadia Commercial Mortgage, LLC
Walker & Dunlop, LLC
JLL Real Estate Capital, LLC
Newmark
Top 5 DUS Producers for Small Loans in 20243
Greystone Servicing Company, LLC
Walker & Dunlop, LLC
Berkadia Commercial Mortgage, LLC
Arbor Commercial Funding I, LLC
CBRE Multifamily Capital, Inc.
Top 5 DUS Producers for Manufactured Housing Communities in 2024
PGIM Real Estate
Bellwether Enterprise Real Estate Capital, LLC
Wells Fargo Bank, N.A.
Walker & Dunlop, LLC
Lument Capital
Top 5 DUS Producers for Seniors Housing in 2024
Berkadia Commercial Mortgage, LLC
JLL Real Estate Capital, LLC
Newmark
M&T Realty Capital Corporation
CBRE Multifamily Capital, Inc.
Top 5 DUS Producers for Student Housing in 2024
Walker & Dunlop, LLC
Bellwether Enterprise Real Estate Capital, LLC
CBRE Multifamily Capital, Inc.
KeyBank National Association
Berkadia Commercial Mortgage, LLC
Listed below are 2024 production highlights for individual business categories, which are included in the total multifamily production number:
Multifamily Affordable Housing – $6.36 billion
Structured Transactions – $6.62 billion
Green Financing – $15.19 billion
Small Loans – $4.75 billion
Manufactured Housing Communities – $1.30 billion
Seniors Housing – $1.55 billion
Student Housing – $0.36 billion
1 Multifamily Affordable Housing Loans are defined as financing for rent-restricted properties and properties receiving other federal and state subsidies. Affordable housing acquisitions also include 20% at 80% AMI, Special Public Purpose Multifamily Affordable Housing (SPP MAH), and Sponsor-Initiated Affordability Multifamily Affordable Housing (SIA MAH).
2 Green Loans are defined as loans for properties with Green Building Certifications or loans that are projected to achieve specified reductions in the property’s energy usage and water usage that sum to at least 30 percent, of which a minimum of 15 percent must be projected energy savings.
3 Small Loans are defined as loans of $9 million or less nationwide and loans for properties with 5 or more units nationwide.
*Due to rounding, amounts reported may not add up to overall totals.
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible.
