Expanding Housing Supply: Fannie Mae & Freddie Mac

Fannie Mae and Freddie Mac (the Government Sponsored Enterprises, or GSEs) play a crucial role in addressing the affordable housing crisis in our nation by backing multifamily property loans, which increase housing supply and create successful apartment communities. Yet over a decade after the GSEs were put into conservatorship, the U.S. housing finance system still has not been reformed.

The federal regulator and conservator of Fannie and Freddie — the Federal Housing Finance Agency (FHFA) — should remain focused on leveraging federal incentives to bolster new affordable housing supply, instead of considering the imposition of new or expanded federal obligations on private rental housing providers such as rent control.


The Roundtable and an industry coalition recently submitted separate comments in July 2023 about multifamily properties with mortgages backed by Fannie and Freddie as response to a Request for Input from the Federal Housing Finance Agency (FHFA). The letters emphasize that it is vital for FHFA to remain focused on the Enterprises’ stated mission of “serv[ing] as a reliable source of liquidity and funding for housing finance and community investment” and avoid limiting broader housing availability and affordability goals.

The letters also raised concerns about the FHFA imposing counterproductive property restrictions, such as rent control, on multifamily properties backed by loans from the Enterprises.

The Roundtable’s letter noted that the imposition of counterproductive restrictions on Enterprise-backed financing and private rental housing providers would lead to less investment and development in the affordable housing market, especially during this time of market uncertainty.

To increase housing supply, GSE reform must focus on supporting underserved areas and mortgages to aid low- and moderate-income families with home ownership and rental housing.


The GSEs (Fannie Mae and Freddie Mac)—one of the primary funding sources for housing in the U.S.—have been in conservatorship since September 6, 2008. Debate over reforms continues. Consideration by their conservator on whether to impose rent regulations, including rent control, on Enterprise financing is a new threat to increasing the supply of affordable housing.

For more information and recent updates, reference our resources below or search using the bar at the top of the page.

Affordable Housing
Expanding Housing Supply: Fannie Mae & Freddie Mac
Low Income Housing Tax Credit (LIHTC)
IRS Limitations on Private-Activity Bonds (PABs)
"YES In My Backyard" (YIMBY)
Surplus Federal Real Estate for Affordable Housing