CREF Policy Update: MAA Alert: Contact Your Representative to Co-sponsor Multifamily Stat Limits Bill
MAA Alert: Contact Your Representative to Co-sponsor Multifamily Stat Limits Bill
Last week, MBA’s Mortgage Action Alliance (MAA) issued a Call to Action urging members to contact their House member to co-sponsor the Housing Affordability Act (H.R. 6132), a bill introduced by Representatives Monica De La Cruz (R‑TX) and Ritchie Torres (D‑NY), that aims to modernize FHA multifamily loan limits for the first time since 2003.
Why it matters: The bill would increase FHA-backed multifamily lending by modernizing outdated loan limits that have constrained HUD’s ability to keep pace with the rising cost of multifamily development nationwide. By updating those limits to reflect current construction costs and applying a more accurate index to identify high-cost areas, the legislation would unlock additional FHA-backed development in communities across the country.
• While the updated limits won’t apply everywhere, the change gives FHA the ability to tailor decisions to actual local building costs instead of relying on a one‑size‑fits‑all national cap.
What’s next: Later this year, House and Senate leaders are expected to potentially reconcile their competing housing packages (ROAD to Housing Act/Housing for the 21st Century Act), including H.R. 6132’s text (the House approach) versus the Senate’s language which would mandate a study of the issue while giving HUD rulemaking authority in this space. Building more House co-sponsors now is essential to keeping that text (MBA’s preferred approach) intact ahead of final House–Senate negotiations.
For more information, please contact maa@mba.org or Rachel Kelley at (202) 557- 2816 and/or Madisyn Rhone at (202) 557- 2741.
Senate Bill Introduced to Ease Building Financing Requirements Near Transit
On Thursday, Senators Lisa Blunt Rochester (D-DE) and John Curtis (R-UT) introduced S.3636, the Build Housing, Unlock Benefits and Services Act (Build HUBS). This bill aims to reform the Department of Transportation’s (DOT) grant programs – Railroad Rehabilitation and Improvement Financing (RRIF) and Transportation Infrastructure Finance and Innovation Act (TIFIA) – to ease financing for development near transit.
Go deeper: The RRIF and TIFIA programs offer very low-interest direct loans and loan guarantees to finance the development of infrastructure and transit-oriented development projects within a half-mile walking distance of a qualifying transit station. Eligible projects include both commercial and residential facilities. However, the requirements have been overly burdensome. This legislation will ease the qualifying and application process and will rely on HUD’s MAP underwriting model for the development of multifamily housing.
Why it matters: These programs have been allocated $1.5 billion to enhance transit-oriented development, much of which has been unspent under DOT’s current budget.
What’s next: MBA will continue to advocate for flexible financing access to federal grant programs.
For more information, please contact Megan Booth at (202) 557-2740, George Rogers at (202) 557-2797 or Jeremy Green at (202) 557-2849.
Commercial and Multifamily Mortgage Debt Outstanding Increased in Third-Quarter 2025
The level of commercial/multifamily mortgage debt outstanding increased by $53.4 billion (1.1 percent) in the third quarter of 2025, according to MBA’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, released last Tuesday.
What they are saying: “Commercial and multifamily mortgage debt continued to grow during last year’s third quarter, driven by strong increases in multifamily lending,” said Reggie Booker, MBA’s Associate Vice President of Commercial Research. “While economic and market uncertainty persists, agency and GSE portfolios once again led the market, with banks and life insurance companies also posting solid gains. Total commercial real estate debt increased to $4.93 trillion in the third quarter, up 1.1 percent from the second quarter and up 4.0 percent from the third quarter of 2024. Multifamily debt grew to $2.24 trillion, up 1.8 percent from the second quarter and up 5.9 percent from the third quarter of 2024 and now accounts for 22.5 percent of total commercial debt.”
Go deeper: Commercial banks continue to hold the largest share (37 percent) of commercial/multifamily mortgages at $1.8 trillion. Agency and GSE portfolios and MBS are the second-largest holders of commercial/multifamily mortgages (23 percent) at $1.11 trillion. Life insurance companies hold $783 billion (16 percent), and CMBS, CDO and another other ABS issue hold $642 billion (13 percent). Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues. These loans appear in the report in the “CMBS, CDO and other ABS” category.
• Click here for more info on the report.
For more information, please contact Reggie Booker at (202) 557-2863.
NY Governor Hochul Releases Pro‑Housing Agenda
New York Governor Kathy Hochul delivered her annual State of the State address this week, providing an overview of her 2026 legislative agenda. This is an election year for Governor Hochul, and her remarks primarily focused on affordability. Important highlights included a combination of major housing‑supply reforms with broader affordability measures to lower costs for renters, homeowners, and working families.
Why it matters: To accelerate housing construction, Governor Hochul proposed a “Let Them Build” package to modernize the State Environmental Quality Review Act (SEQRA). The proposal would allow by-right or low-impact housing projects—and certain clean water, green infrastructure, parks, and childcare projects on previously disturbed land—to avoid duplicative environmental reviews, reducing costs and delays.
Dig deeper: The plan also contemplates a two‑year cap on SEQRA environmental impact statement (EIS) reviews, a new Generic EISs for common housing and renewable energy projects, and modernizes permitting with a new “Smart Access” tracking platform among other initiatives. One of these is the creation of a first‑in‑the‑nation profitability check on home insurers, and an expansion of automatic safety and weatherization discounts (including for multifamily buildings).
• Governor Hochul will also seek long‑ and short‑term insurance cost solutions to ease pressure on rents, co‑op carrying charges, and homeowners’ budgets.
What’s next: The proposals must now be converted into legislative language that is likely to be included in the proposed state budget to be released in the coming weeks. MBA and the NYMBA will work closely together to analyze these initiatives and report back to appropriate member committees.
For more information, please contact William Kooper at (202) 557-2737 or Liz Facemire at (202) 557-2870.
MAA’s Next Quarterly Webinar: Jan. 29
With MBA’s National Advocacy Conference just a few months away, the Mortgage Action Alliance’s (MAA) upcoming webinar will spotlight this premier advocacy event, scheduled for April 14–15.
• Join MBA’s Legislative and Political Affairs Team to explore how national-level engagement strengthens state advocacy efforts and amplifies the industry’s collective voice. This quarterly webinar will feature a timely briefing on the year-end congressional closeout, an overview of the Q1 legislative agenda, and a look at MBA’s key policy priorities in this pivotal mid-term election year.
Why it matters: As our nation marks its 250th birthday, there’s no better moment than now to join hundreds of industry advocates and claim your seat at the table where meaningful change takes shape!
What’s next: Register for Part II of MBA’s State and Federal Advocacy Webinar & Fly-In Series, hosted by the California Mortgage Bankers Association, on Wednesday, January 21, at noon PT/3:00 PM ET. Part II will highlight the West and Midwest regions—but the session is open to MAA and MBA members nationwide.
For more information, please contact maa@mba.org or Margie Ehrhardt at (202) 557-2708.
Upcoming MBA CREF Council and Committee Meetings
MBA’s CREF Councils and Committees are a key way to connect to everything MBA has to offer around policy, advocacy, market intelligence and research, education, and networking. Councils and Committees are built around specific capital sources and serve as an opportunity for you to join other commercial real estate finance professionals to hear from experts, discuss opportunities and challenges, and connect with peers.
Upcoming virtual meetings include:
• Servicer Council: Jan. 22
• Insurance Company Council: Jan. 22
• All Council In-person Meet-up: Feb. 8
• Structured Finance Council (in-person): Feb. 10
For more information, click on the links above and/or contact Kelli Burke at (202) 557- 2742.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, opportunities, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• Fundamentals of Commercial Insurance Issues and Problems – Jan. 27
• Internal CMF Benchmarking Requirements – Feb. 18
• Builder’s Risk Insurance Essentials for Commercial & Multifamily Properties – March 18
• Introduction to Commercial Mortgage-Backed Securities – April 8
• Basics of Commercial Loan Closing and Loan Documentation – May 12
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
