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81 81 INVESTMENT GOVERNMENT PROPERTY PRESERVATION federal funds to spur local action, exploring federal levers to help states and local governments reduce exclusionary zoning, and launching learning and listening sessions with local leaders. Since its return to the LIHTC market, Fannie Mae's $1.8 billion worth of commitments have supported the creation and preservation of thousands of affordable units. e LIHTC program accounts for a majority of all affordable rental housing created and preserved in the U.S. e increase in the cap allows Fannie Mae to maintain its commitment to supporting the growing needs for quality affordable housing for the nation's renters. "LIHTC investments are one of the most impactful tools we use to create and preserve affordable housing in underserved markets. Increasing the annual cap allows us to better address the affordable housing supply shortage for low- and very low-income families," said Michele Evans, EVP and Head of Multifamily, Fannie Mae. "Since our return to the LIHTC market in 2018, we have been able to better serve the multifamily market and play an integral role in addressing our nation's affordable housing crisis." Debby Jenkins, EVP and Head of Multifamily for Freddie Mac, said, "Freddie Mac has built a robust LIHTC Equity investment program, with more than 120 investments in 26 states and Puerto Rico and Guam since 2018. is work has supported the preservation or creation of thousands of units of rental housing, meeting the needs of underserved communities throughout the country. FHFA's announcement today will allow us to build on this work in the years to come and do so much more to meet the tremendous need for additional safe and affordable housing." Some of Fannie Mae's notable LIHTC investments made through June 30, 2021, include the following properties: » Talbot Court in Greensboro, North Carolina, which will provide 56 units, of which six are designated for disabled or homeless residents. Twenty-five percent of this property's units will be restricted to residents who earn 30% of the area median income (AMI). » Wellington North in Clarkson, New York, will provide 50 units for senior residents with eight designated for disabled tenants. More than a third of this property's units will be offered to residents who earn 30% of the AMI or less. » Apache Manor & Sandy Park Apartments in Tulsa, Oklahoma, will facilitate Rental Assistance Demonstration conversion of 318 public housing units in two properties. e Housing Authority of the City of Tulsa will provide supportive services to all residents. » Beachwinds Apartments in Narragansett, Rhode Island, will offer 104 units for senior and disabled residents with supportive services. "FHFA's increase in the cap allows us to continue to play a leadership role in supporting underserved markets and projects, including rural, supportive housing developments, and disaster impacted areas," said Dana Brown, VP, Multifamily for Fannie Mae. "We are a steady and reliable presence in the LIHTC equity market. is consistent support was evident over the past year when pandemic- related factors disrupted many markets and economic activities. roughout this challenging period, Fannie Mae continued its steady pace of LIHTC investments month after month, assuring our LIHTC market partners that we planned to continue to invest throughout 2020 and beyond." Some of Freddie Mac's LIHTC equity investments include the following: » Freddie Mac's investment in Hilltop Apartments will support the occupied- rehab of an existing 72-unit multifamily property located in Madison, Florida. e property is comprised of 15 one-story residential buildings and one community building. All 72 units will be set aside for households with incomes at or below 40% and 60% of AMI. Four units are set aside for special needs households targeting a homeless person, a survivor of domestic violence, a person with a disability, and a youth aging out of foster care. » Freddie Mac's investment in Mamie Nichols Townhomes supports the new construction of a scattered-site multifamily development in the Point Breeze neighborhood of South Philadelphia. Eleven efficiency and one-bedroom units will be available for veterans with special needs, while 22 two- and three-bedroom units will be available to low-income families. All 33 units are rent restricted to households at or below 20% to 60% of AMI. » Freddie Mac's investment in Yurok Homes #3 supports the new construction of 36 units of multifamily housing located 10 miles from Eureka, California on land owned by the Yurok Indian Housing Authority (YIHA). e development will include 12 two-story structures featuring flats, town homes and rental homes. e property will target families earning no more than 30% to 50% of AMI. All 36 units will benefit from a tribal subsidy allowing tenants to pay 25% of their income toward rent. "Increasing the amount each Enterprise can invest in the LIHTC market, especially in areas that have difficulty attracting investors, will help expand the supply of affordable housing across the country," added ompson. "Today's announcement is a part of FHFA's continued efforts to help alleviate America's affordable housing shortage." Journal Since its return to the LIHTC market, Fannie Mae's 1.8 billion worth of commitments have supported the creation and preservation of thousands of affordable units. The LIHTC program accounts for a majority of all affordable rental housing created and preserved in the U.S.

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