Fannie Mae is delighted to announce that we will resume Low-Income Housing Tax Credit (LIHTC) activities to provide a reliable source of capital for affordable rental housing and underserved markets, effective November 16, 2017.
Fannie Mae has deep experience bringing together partners and investors in this space to create additional units of affordable workforce housing. We are positioned to provide immediate and ongoing positive impact in the affordable multifamily market through our LIHTC investments. Our LIHTC program investments will be done in a safe and sound manner and in alignment with other Fannie Mae business activities that support multifamily affordable housing.
The LIHTC program is a proven and effective way to create affordable housing supply for low- and very low-income families. The LIHTC program currently finances the construction and rehabilitation of almost all subsidized housing in the U.S. Approximately 90,000 apartment units are built each year using LIHTC, enabling thousands of Americans to find affordable rental housing. It is an incredibly important program and we are thrilled to re-enter the market to help solve some of the toughest and most persistent challenges in affordable housing.
Our goal is to support the production and preservation of affordable rental housing when and where those needs are not being adequately met. Our re-entry into the market is a significant step forward in positioning Fannie Mae to better serve the multifamily market and play an integral role in addressing America's affordable housing crisis.