The market is likely mispricing FnF securities - both common and preferred - by a large margin.
Included in the $3.5trn House build back better plan is $327 billion for affordable housing; broken down, $90bn for rental assistance, $80bn for public housing preservation, and the rest spread out over various smaller programs.
The 3.5trn headline number will likely shrink to ~ 2.0trn. The housing bucket will likely be cut significantly if not completely because it's lower in the priorities than healthcare, paid leave, child care, and climate. The final amount should be known within 2 months.
This will likely leave a $100 - 250bn hole in the housing program bucket, which could be either be ignored or more likely partially filled in by getting going on monetizing the government's FnF stake.