The GSE’s Push Further Into Rental Housing

As reported in their first quarter earnings filings, Government Sponsored Enterprises (GSEs) have funded 306,000 multi-family rental complexes during the first three months of 2018, up 18 percent from last year, according to a piece in the Financial Times. The numbers also reflected an increase in lending to builders whose developments house tenants at or above the median income of their respective areas: what was once a ratio of one in ten loans is now a ratio of one in six loans going to properties housing higher-income borrowers.

 

While the FHFA has a cap on the GSEs of $35 billion for commercial real estate business lines in 2017, 57 percent of the multi-family financing qualified for an affordable housing exemption, and was thus not subject to this cap. 

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