He highlighted other important aspects of LIHTC which he suggested often went unnoticed, such as providing counselling, job training and after-school programs.
He also confirmed reports that Fannie Mae will consider rental payment history for mortgage applications.
Since 2018, Fannie Mae Multifamily has invested about $1.5 billion in LIHTC investments, but Brown conceded that money alone “doesn’t solve the problem.”
He said: “We’re thrilled with the increase, but the entire market is not enough to begin to address the affordability issue.
“We would like it to be bigger, but the entire equity market, which currently is about $25 billion, is insufficient to meet that demand. So, there is an imbalance, and that goes for multifamily and single family.”