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Press Release

Fannie Mae Priced $641 Million Multifamily Social DUS REMIC (FNA 2023-M1S) Under Its GeMS Program

July 28, 2023

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $641 million Multifamily Social DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on July 21, 2023. FNA 2023-M1S marks the second Fannie Mae GeMS issuance of 2023.

“Last week’s Social GeMS offering, the M1S, found a home despite challenging technicals of the week,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics, Fannie Mae. “This deal kicks off the second half of the year, and with DUS MBS volumes picking up in July, we will continue to provide investors multiple ways to own Agency credit across the yield curve.” 

The M1S issuance aligns with Fannie Mae’s Sustainable Bond Framework, which governs Fannie Mae’s commitment to adhering to international standards in its issuance of green, social, and sustainable bonds. In 2020, Fannie Mae received a second party opinion on its Sustainable Bond Framework from independent third-party Sustainalytics. The framework builds on Fannie Mae’s 35-year history of supporting multifamily affordable housing, 11-year history of multifamily green financing, and its expansion into single-family green MBS issuance in 2020.

“The collateral backing the M1S reflects the social criteria in our Sustainable Bond Framework across the spectrum of affordable housing,” said Lisa Bozzelli, Senior Director, Multifamily Capital Markets, Fannie Mae. “In addition to traditional affordable housing with government covenants ensuring the affordability of rents, the Fannie Mae framework captures a portion of the gap between the restricted housing market and market-rate housing, where a broad range of the workforce lives. The framework’s additional affordable criteria includes unrestricted affordable housing (which must have 80% of the units at the property affordable to households earning 60% of the area median income (AMI)) and the naturally affordable home ownership opportunity provided by the Manufactured Housing Community (MHC) asset class. At the end of the day, the 90 loans of collateral in the M1S are drawn from across the framework criteria, and investors in the M1S transaction support over 8,000 affordable rental units and 2,000 MHC pads.”

All classes of FNA 2023-M1S are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering can be found in the table below:

Class Original Face Weighted Average Life Coupon (%) Coupon Type Spread* Offered Price
A1X $45,994,251 6.87 4.656 Fixed/AFC P+90 99.78
A2 $435,000,000 9.52 4.656 WAC P+100 99.96
A3 $160,000,000 9.87 4.01 Fixed Not Available Not Available
X3 $160,000,000 9.37 0.646 WAC IO Not Offered Not Offered
Total $640,994,251          

*The spread on FNA 2023-M1S was priced using the SOFR swap curve


Group 1 Collateral

UPB $640,994,252
Collateral 90 Fannie Mae DUS MBS
Geographic Distribution TX (12.10%), VA (7.93%), MD (7.68%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2023-M1S) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit: | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Media Contact
Christopher Davis

Fannie Mae Newsroom

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Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) available on the Investor Relations page of our Web site at and on the SEC’s Web site at