Thank you for your partnership in supporting our affordable housing mission. Thanks to you, Fannie Mae was the largest source of secondary market financing for affordable rental housing in 2017. Our book is over $33 billion and counting and we are looking forward to continuing that momentum with a strong 2018!
During the last week of April we had the opportunity to do just that at the 2018 DUS® meeting in Austin, Texas. We had the pleasure of seeing many of you as we joined together to celebrate 30 years of DUS and The Loan We All Own™ and connect with our partners from across the country. We had a productive Market Dynamics Subcommittee meeting where we shared knowledge and ideas for ways that we can continue to improve our platform and enhance our products. We hope you had as much fun as we did!
We're excited about the deals that we are seeing and are looking for more ways to help you with your affordable deals. Show us what you've got and we'll do everything we can to win the business!
Working Together to Create Healthier, Greener Affordable Housing
One of the highlights at the DUS meeting in Austin was a case study of one of Fannie Mae's most innovative Multifamily Affordable Housing transactions of 2017. In December 2017, the Jonathan Rose Companies and their partner, Columbia Residential, closed on Edgewood Court Apartments with Fannie Mae DUS lender Capital One.
Edgewood Court Apartments was Fannie Mae's first Healthy Housing Rewards™ deal. The transaction qualified for Green Rewards and used both the M.TEB execution and Mod Rehab Supplemental. This $23.1 million transaction preserved 204 very low-income affordable housing units, created 18 more units that are affordable to households at 60% of the area median income, and facilitated $18 million in renovations.
As you look at your deals, contact the Fannie Mae team and we can help you come up with creative financing options that can utilize Healthy Housing Rewards or Green Financing, or both, to combine with our affordable products. We want to work with you.
Bring Us Your Deals!
It's a fun and fascinating time to be in the Affordable space! Besides our Healthy Housing Rewards and Green Financing deals, we're seeing many interesting deals to help us meet our mission to create, improve and preserve Affordable housing. These include Special Public Purpose with multiple layers of affordability, Rental Assistance Demonstration (RAD) projects, rural project-based Section 8, and local governments funding supportive services for Affordable properties. We're also seeing robust interest in our Unfunded Forward Commitment products, both for 9% LIHTC new construction and 4% LIHTC rehab projects using our M.TEB product (MBS as Tax-Exempt Bond Collateral), as well as our Credit Facilities and Near Stab products.
We continue to differentiate for the strongest transactions and are looking forward to increasing Affordable production. We will work closely with you to offer flexible, creative solutions -- a huge benefit of our single-asset MBS and DUS model.
As you saw last month in our updated DUS Pricing Memo, pricing on Small Loans just got a whole lot better. On affordable Small Loans, pricing has improved on deals for properties with 5 - 50 units where at least half of all units are at < 80 percent AMI. And, we are not done yet! On Multifamily Affordable Housing (MAH) deals between $7 million - $10 million, pricing improved 27 basis points. We are swinging hard on all your business, so bring it.
Reach out to us with any questions, and remember to visit fanniemaemultifamilyaffordable.com for more information about products, presentations and resources!
Angela and Brian