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Debt Solutions
Our Affordable Financing business supports "Affordable Housing", which is housing that meets or exceeds the income and occupancy restrictions of the federal Low-Income Housing Tax Credit (LIHTC) program.
Definition:
- at least 20 percent of all units must have restricted rents affordable to households earning no more than 50 percent of AMI (area median income); or
- at least 40 percent of all units must have restricted rents affordable to households earning no more than 60 percent of AMI; or
- there is a compelling public purpose -- namely continued affordability -- which is furthered by the property.
To preserve as well as to further advance affordable housing, we have designed products and made favorable underwriting enhancements for affordable housing properties. As a matter of fact, we have dedicated staff to make the preservation and advancement of multifamily affordable housing a priority at Fannie Mae.
Our commitment and focus on: 1) affordable housing product development and 2) providing favorable underwriting enhancement for affordable housing have allowed us to bring more than $1 billion to this market on an annual basis. Our properties have rents affordable to those at or below area median income and tenants are not paying more then 30 percent of their income for shelter.
Please contact one of our approved Affordable Housing Lenders with your specific financing questions.
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