Fannie Mae Enhances DUS Disclose to Expand Multifamily Social Disclosures

March 14, 2022

To provide additional transparency to market participants, Fannie Mae will expand the affordability disclosures for multifamily pools issued on or after May 1, 2022. These enhanced disclosures include a breakdown of units by Area Median Income (AMI) based on rent roll submitted at acquisition1. DUS Disclose®, Fannie Mae’s multifamily disclosure platform, will display the percentage of units in the respective property that meets the following Area Median Income (AMI) levels.

Breakdown of AMI Levels

  • % of Units <=50% AMI
  • % of Units >50% - 60% AMI
  • % of Units >60% - 80% AMI
  • % of Units >80% - 100% AMI
  • % of Units >100% - 120% AMI
  • % of Units >120% AMI

The units within each AMI level will be categorized as either restricted – where units are encumbered by a regulatory agreement – or unrestricted. Multifamily pools with restricted, unrestricted, or both restricted and unrestricted rental units that meet certain criteria will be identified as a social bond by the social flag indicator in DUS Disclose. To further serve the market, social bonds can now be easily identified by a Social Flag indicator filter that has been added to the Advanced Search user interface of DUS Disclose. Each multifamily social bond adheres to the requirements set forth in the Fannie Mae Sustainable Bond Framework.

Alongside the expanded affordability enhancements, the upcoming DUS Disclose release will display the 'Property Status' attribute with the corresponding CREFC2 description rather than the numeric value. Additionally, all disclosures available in the DUS Disclose user interface and advanced search feature have been reconciled to ensure alignment in the downloadable files.

To help prepare market participants for these upcoming DUS Disclose enhancements, the following resources will be updated accordingly.

Fannie Mae will notify the market once the DUS Disclose enhancements are available, which is scheduled to occur on May 1, 2022.

1 For Multifamily or Military properties

2 CREFC: CRE Finance Council (CREFC) is the trade association for the commercial real estate finance industry