NMHC members met with senior officials at the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac’s regulator, on May 17 to provide an update on market conditions facing the multifamily industry. During the meeting, NMHC presented on several topics including analysis of construction activity, NMHC’s quarterly market survey and the status of capital markets debt and equity sources.
As part of the process outlined in the 2017 GSE Scorecard for Fannie and Freddie, FHFA uses industry input to make an assessment every quarter to determine the size of the multifamily market and whether an adjustment to the production cap is warranted. NMHC is one of the sources that provides input to FHFA’s quarterly analysis. FHFA adjusted the production cap down from $36.5 billion to $35 billion for 2018. Additionally, some NMHC members have been invited to participate in a June 27 workforce housing workshop.
NMHC/NAA will closely monitor the publication of any decision to change the production cap and communicate it once released.