Current Reports

Affordable Housing Trends Report Spring 2024

As housing costs spiral, rental affordability has become a more urgent issue, burdening a greater number of Americans. Arbor’s Affordable Housing Trends Report Spring 2024, developed in partnership with Chandan Economics, examines the major policies and programs shaping the marketplace at a time when overdue federal funding expansions have increased agency budgets.

Articles

What Is Driving Lifestyle Renter Demand?

Lifestyle renters — those who have the means to own but prefer to rent or are willing to pay more for apartments with amenities — have become a key driver of rental demand in single-family rental homes, build-to-rent communities, and other types of high-quality multifamily housing. With this small yet influential demographic growing, our research teams examine and explain the factors driving lifestyle renter demand.

Articles

Build-to-Rent Well-Positioned to Fill Housing Market Gap

With nearly one-fifth of multifamily properties now over 65 years old, it’s time to consider solutions for rejuvenating the rental housing stock in the U.S. While building rehabs are a tried-and-true solution, build-to-rent (BTR) is an alternative that is well-positioned to expand as Americans increasingly favor renting over homeownership.

Articles

U.S. Added 514,000 New Rental Households in 2023

In a year when inflation and elevated interest rates weakened affordability, the rental housing sector strengthened and expanded. An analysis of newly released U.S. Census Bureau Housing Vacancies and Homeownership data shows the number of rental households climbed in 2023.

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Home | Fannie Mae | Multifamily Affordable Housing (MAH)
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FANNIE MAE DUS®

Multifamily Affordable Housing (MAH)

Arbor’s DUS MAH product provides flexible terms for acquisition or refinance of multifamily projects nationwide that qualify as affordable housing. Eligible properties are those that participate in the Low Income Housing Tax Credit (LIHTC) program, are encumbered by a Housing Assistance Payment (HAP) contract or participate in the Section 8 program (either through vouchers or direct payments). Other, special uses can be considered for MAH status.

Loan Amount $750,000 minimum
Loan Term Up to 30 years
Amortization Up to 30 years
Minimum DSC 1.20x (fixed)
Maximum LTV Up to 80%
Fixed Rate Yes
Adjustable Rate Available; Priced off the one month or three month SOFR. Convertible and non-convertible options available
Eligible Properties Multifamily, minimum five units
Eligible Borrower Single asset entity
Occupancy Requirement 85% physical occupancy; 70% economic occupancy
Tax & Insurance Escrows Monthly deposits required
Replacement Reserves Underwritten at a minimum $250 per unit per annum
Recourse Non-recourse with standard exceptions for fraud and misrepresentation can be waived for 100% restricted properties.
Commercial Space Maximum 35% of net rentable area and maximum 20% of effective gross income
Required Reports Appraisal, Property Condition Assessment, Phase I Environmental
Prepayment Yield maintenance and other declining prepayment options are available
Assumable Subject to approval and 1% fee
Supplemental Loans Eligible for secondary financing after 12 months
Pricing Tiered Pricing Matrix; more favorable terms available for higher DSC and lower LTV
Rate Lock Standard 30- to 180-day rate lock period; early/extended rate lock options available
Application Deposit $23,000; covers estimated processing and legal fees; an additional $10,000 deposit required for Green Rewards
Origination Fee Minimum 1%; par pricing available
Good Faith Deposit 2% of loan amount

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