Fannie Mae and Freddie Mac provided $54.7 billion in financing for the multifamily market in 2013, with a significant focus on affordable housing, both agencies announced.

Both government-sponsored enterprises (GSEs) also met the goals set by their conservator, the Federal Housing Finance Agency, to reduce multifamily volumes by 10 percent relative to 2012 levels.

Working with its lender partners, Fannie Mae financed $28.8 billion in loans, resulting in 507,000 units of multifamily housing. The agency achieved 95 percent of its total volume capacity. Its 2012 multifamily volume was $33.8 billion.

Of the $28.8 billion, $2.3 billion was provided for multifamily affordable housing, a drop from $3.8 billion in 2012. Fannie Mae also provided $1.6 billion for seniors housing and $454 million for student housing.

“The need for quality, affordable rental housing is greater today than it’s ever been, and we will continue to do our part by providing liquidity, stability, and affordability to the multifamily market and maintaining our credit standards,” says Jeffery Hayward, senior vice president and head of the Multifamily Mortgage Business at Fannie Mae. “Over 85 percent of the multifamily units we financed in 2013 were affordable to families earning at or below the median income in their area.”

Freddie Mac had its second biggest multifamily volume year in its history, with $25.9 billion for 388,000 units, of which the majority were for low- to moderate-income households. Its largest annual volume was $28.8 billion in 2012.

Freddie Mac said it settled roughly $2.5 billion in targeted affordable housing products, of which about $1.6 billion were multifamily bond credit enhancements and tax-exempt bond securitizations. It also had more than $1.1 billion in student housing loan transactions and purchased just more than $900 million in seniors housing mortgages.

“The lack of affordable rental housing is a growing issue in the country,” says David Brickman, senior vice president of Freddie Mac Multifamily. “With rents rising faster than incomes and limited affordable construction, it’s getting harder for many households to find apartments they can afford. We continue to do what we can to support affordable rental housing.”

“In 2013, we focused on increasing our efforts in preservation financing for apartments that receive government rent assistance or low-income housing tax credits. Many of these properties were built before 1990 and typically are in need of capital improvements,” Brickman adds.

The GSEs also released lists of their top multifamily lenders in 2013.

Top 5 Fannie Delegated Underwriting and Servicing (DUS) Producers:

  1. Walker & Dunlop
  2. Wells Fargo Multifamily Capital
  3. CBRE Multifamily Capital
  4. Beech Street Capital
  5. Berkadia Commercial Mortgage

Top 3 Fannie DUS Producers for Multifamily Affordable Housing:

  1. Wells Fargo Multifamily Capital
  2. Oak Grove Capital
  3. Greystone Servicing Corp.

Top 2 Fannie DUS Producers for Seniors Housing:

  1. KeyBank
  2. Oak Grove Capital

Top 5 Freddie Program Plus Sellers:

  1. CBRE Capital Markets
  2. Berkadia Commercial Mortgage
  3. Walker & Dunlop
  4. KeyBank
  5. NorthMarq

Top 3 Freddie Targeted Affordable Housing Sellers:

  1. Citibank
  2. Oak Grove Capital
  3. Wells Fargo Multifamily Capital

Top 3 Freddie Sellers of Very Low-Income Housing Units:

  1. Citibank
  2. Berkadia Commercial Mortgage
  3. CBRE Capital Markets

Top 2 Freddie Seniors Housing Sellers:

  1. Berkadia Commercial Mortgage
  2. KeyBank