Video: Special Report Fall 2023 Key Takeaways

In this video, Dr. Sam Chandan, Founding Director of the C.H. Chen Institute for Global Real Estate Finance at the NYU Stern School of Business and non-executive chairman of Chandan Economics, details the key takeaways of Arbor’s Special Report Fall 2023, which he co-authored with Ivan Kaufman, Chairman and CEO of Arbor Realty Trust.


FHFA Loan Caps for 2024: What Multifamily Borrowers Need to Know

The Federal Housing Finance Agency (FHFA) announced a $10 billion rollback of Fannie Mae and Freddie Mac’s volume cap for loan purchases for 2023 to $140 billion ($70 billion for each agency). This move aligns with industry expectations, given the anticipation of continued headwinds for the multifamily in 2024. Next year’s cap for the Government-Sponsored Entities (GSEs) is a reduction of approximately 7% from the $150 billion limit set for 2023 and a return to the level it was in 2021.

Current Reports

Affordable Housing Trends Report Fall 2023

With the cost of living climbing, the need for affordable housing has become more urgent. Although demand continues to outpace available supply, multifamily investment in affordable housing is fortified by Low-Income Housing Tax Credits (LIHTC), Project-Based Section 8, and the Housing Choice Voucher (HCV) programs. Arbor’s Affordable Housing Trends Report Fall 2023, developed in partnership with Chandan Economics, examines the supply-driven programs and policies designed to improve supply at a point in time when federal gridlock has stalled many funding increases.

Current Reports

Small Multifamily Investment Trends Report Q4 2023

Arbor’s Small Multifamily Investment Trends Report Q4 2023, developed in partnership with Chandan Economics, is a snapshot of a strong and resilient subsector continuing to navigate ongoing market dislocation. The report shows that distress has remained limited, even with valuations and measures of risk pricing in flux. As conditions start to stabilize, there are signs that deal activity is picking up.


U.S. Multifamily Market Snapshot — Q3 2023

The U.S. multifamily market held steady during the third quarter of 2023, as high mortgage rates and a lack of inventory in the housing market continued to drive rental demand.



Healthy Housing Rewards®, Enhanced Resident Services, and Healthy Design

Arbor’s Fannie Mae Multifamily offers Healthy Housing Rewards, a product feature that provides lower pricing to finance affordable properties with healthy design features. Enhanced Resident Services is a product feature that provides lower pricing to finance affordable properties with enhanced resident services that improve the health and stability of their residents including health and wellness services, work and financial capability support, and more. Healthy Design is a product feature that provides lower pricing to finance affordable properties with health-promoting design and operational features including playgrounds, fitness equipment, tobacco-free environments, green spaces, and more.

  • Lower interest rate
  • Healthy Design: Reimbursement for Healthy Design Certification (up to $6,500)
  • Enhanced Resident Services: Reimbursement for initial Sponsor certification (CORES) and Enhanced Resident Services Property certifications
  • Flexible underwriting to specific affordable developments
  • Flexible loan terms, and fixed- or variable-rate financing options
  • Certainty and speed of execution
  • Affordable Housing Properties with at least 50% of the units affordable at 80% of Area Median Income or less
  • Healthy Design: Must obtain Healthy Design certification from an approved Fannie Mae provider.
  • Enhanced Resident Services: Must obtain Sponsor certification and Property-level certification from an approved Fannie Mae provider
  • One-time benefit per borrower per property; Healthy Design and Enhanced Resident Services cannot be combined
Pricing Healthy Design: 15 basis points discount
Enhanced Resident Services: Up to 30 basis points discount
Term 5-30 years
Amortization Up to 35 years
Healthy Design Certification Certification fee is reimbursed up to $6,500 by Fannie Mae
Enhanced Resident Services Certification Sponsor Certification: Cost of initial Sponsor certification is reimbursed 100% by Fannie Mae; Sponsor must obtain recertification every 5 years
Property Level Certification: Initial certification cost of property-level compliance will be 100% reimbursed by Fannie Mae; Borrower must obtain yearly property certification.
Interest Rate Fixed- and variable-rate options available
Maximum LTV Varies by product type
Minimum DSCR Varies by product type
Prepayment Availability Flexible prepayment options are available including yield maintenance and declining prepayment premium
Loan Amount No minimum or maximum
Rate Lock 30- to 180-day commitments. Borrowers may lock the interest rate using Streamlined Rate Lock option. Confirmation of Healthy Design certification or sponsor-level and property-level certifications is required prior to rate lock
Interest Accrual 30/360 and Actual/360
Recourse Non-recourse execution is available, with standard carve-outs for “bad acts” such as fraud and bankruptcy required
Third-Party Reports Standard third-party reports, including Appraisal, Phase I Environmental Assessment and a Property Condition Assessment, are required. Confirmation of Healthy Housing Rewards features and eligibility is required
Assumption Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience


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