The FHFA announced higher 2026 multifamily loan-purchase caps for Fannie Mae and Freddie Mac, expanding agency capacity to support apartment lending nationwide. Each enterprise is authorized to purchase up to $88 billion in multifamily loans, while maintaining the rule that at least half of this activity must qualify as mission-driven, including affordable, workforce, and underserved housing segments.

Agency liquidity remains one of the few stable financing channels amid elevated interest rates and cautious bank lending. Higher caps improve refinancing certainty and underwriting confidence, while the mission-driven threshold ensures federal capital continues flowing toward affordability goals rather than purely market-rate product.

FHFA will monitor market absorption throughout 2026 and may raise caps if refinancing demand accelerates. Borrowers should expect continued prioritization of affordable and workforce housing, while non-mission transactions may face allocation competition later in the year as caps fill.

FHFA’s 2026 multifamily caps expand agency lending capacity while reinforcing affordable housing priorities. Increased limits improve deal certainty and refinancing access, but mission-driven requirements will continue shaping where federal capital flows across the multifamily landscape.