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Press Release

Fannie Mae Prices $315 Million Social Multifamily DUS REMIC (FNA 2021-M1S) Under Its GeMS Program

January 25, 2021
Social Issuance Is Fannie Mae's First Under Its Sustainable Bond Framework

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $315 million Social Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on January 21, 2021. FNA 2021-M1S is the first Fannie Mae Social GeMS issuance.

The 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 32-year history of supporting multifamily affordable housing, 10-year history of multifamily green financing, and its expansion into single-family green MBS issuance in 2020. Last year, Fannie Mae’s Multifamily business provided $7.8 billion in financing for rent-restricted properties and properties receiving other federal and state subsidies, $5.5 billion for manufactured housing communities, $1.5 billion for properties with rent restrictions between 60 percent and 80 percent area median income (AMI), and provided $13 billion in green financing. Fannie Mae continues to focus on quantifying and increasing the impact of its work.

“The M1S demonstrates Fannie Mae’s continued commitment to integrating ESG principles into our core products and aligning with the expectations of international investors for credible and impact-creating social bond issuances,” said Chrissa Pagitsas, Vice President, Enterprise Environmental, Social, Governance. “Our Sustainable Bond Framework serves as a beacon for other issuers who are seeking to issue social bonds focusing on affordable housing. Our expectation is that the framework and our planned reporting will lead the industry in the same way we have with our green bonds.”

“This deal marks another first for the Fannie Mae Multifamily business. After over 30 years of setting the standard for multifamily credit quality and risk sharing, and ten years of leading the way for green financing of multifamily properties, we are excited to offer our first Social GeMS deal,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “This deal highlights the work we have been doing to support the availability of affordable rental units and manufactured home pads for working families and individuals. It is a small step in a much longer journey to produce positive social outcomes while also creating high credit quality securities with robust disclosure for investors.”

All classes of FNA 2021-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
A1 $33,500,000 6.06 0.833 Fixed S+15 100
A2 $281,280,738 9.62 1.38345 WAC S+21 100.93
X $33,500,000 N/A   WAC IO Not Offered Not Offered
Total $314,780,738          



UPB $314,780,739
Collateral 26 Fannie Mae DUS MBS
Geographic Distribution CA (26.8%), FL (22.5%), VA (14.9%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
Weighted Average
Loan-to-Value (LTV)

For additional information on this transaction, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M1S) available on the Fannie Mae GeMS Archive page. For additional information on Fannie Mae’s social bonds, please refer to our website.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. 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