Ranking Member Representative Carolyn Maloney (D-NY) introduced the Preserving Multifamily Housing Act of 2014 (H.R. 5495) on September 16. The bill would prohibit the Federal Housing Finance Agency (FHFA) or other regulators from setting arbitrary limitations on the volume or scope of multifamily housing mortgages backed by Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac.
FHFA implemented an arbitrary 10 percent cut in the GSEs’ multifamily businesses in 2013. NMHC/NAA submitted comments opposing those arbitrary limits in 2013, and in February of this year and was pleased that FHFA Director Mel Watt announced in May that the agency has no plans for further restrictions.