On November 18, the FHFA set the 2025 multifamily loan purchase caps for Fannie Mae and Freddie Mac at $73 billion each, totaling $146 billion for the year in multifamily market support. According to the FHFA Director, the increase from the 2024 cap of $70 billion for each GSE was made to support liquidity in the multifamily market. The FHFA noted that this effort would support affordable housing and underserved segments, without displacing private capital. The FHFA will maintain the requirement that at least 50 percent of the Fannie Mae and Freddie Mac’s multifamily businesses be dedicated to mission-driven, affordable housing and underserved markets. Workforce housing loans will be exempt from these volume caps to preserve affordable rents, typically without public subsidies. As described by the FHFA, programs such as Fannie Mae’s Sponsor-Initiated Affordability and Freddie Mac’s Workforce Housing Preservation have supported this effort, with over $4.5 billion in workforce loans financed through the third quarter of 2024. The FHFA will monitor the market and may adjust the caps, if necessary, but will not reduce them even if the market size is smaller than projected.