Fannie Mae invested $3.1 billion for affordable housing in 2003

By Eric Wong

Fannie Mae tallied up another successful year in targeted affordable housing investments. Of the $36 billion it provided for multifamily in 2003, $3.1 billion was for financing developments targeting households earning 60% or less of the area median income. That's about the same volume as it did in 2002.

Fannie Mae also committed $1.7 billion in low-income housing tax credit (LIHTC) equity. "The performance demonstrates how we are meeting the needs of the marketplace by serving as partner of choice and leading the way in providing dependable financing solutions in every market, every day," said Ken Bacon, senior vice president of the company's multifamily division.

In other news, Freddie Mac posted a volume of $690 million for targeted affordable housing for 2003, which includes bond credit-enhancements and affordable forward commitments. That's a significant drop from the $2 billion it did in 2002. Its LIHTC equity investment increased, though, from $883 million in 2002 to $958 million in 2003. Overall, Freddie Mac financed $22.6 billion in multifamily in 2003.

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