Federal Home Loan Banks awarded $446.9 million through their affordable housing programs in 2023, almost $180 million more than in 2022, the Federal Housing Finance Agency said today in its annual housing mission report.
FHLB affordable housing funding supported more than 33,000 housing units, according to the report. FHLBs also funded approximately $4.2 billion in Community Investment Program housing advances in 2023, supporting almost 32,000 units, representing 11,000 more units than in 2022. Low-Income Housing Tax Credit properties represented more than 43% of FHLBs total general fund projects and 55% of their total general fund rental projects.
FHFA also reported that Fannie Mae and Freddie Mac purchased more than 136,000 single-family mortgages for low- and moderate-income borrowers through their core affordable housing programs. Both also introduced enhancements to these programs, adding a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs.
