FHFA Establishes Affordable Housing Goals for Fannie Mae, Freddie Mac
The Federal Housing Finance Agency (FHFA) has published a final rule establishing single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2018 through 2020.
The final rule sets identical benchmarks for Fannie Mae and Freddie Mac in all single-family categories relative to the 2015-2017 housing goals.
The 2018-2020 single-family benchmarks are as follows:
- Low-income home purchase goal: 24 percent
- Very low-income home purchase goal: 6 percent
- Low-income areas home purchase sub-goal: 14 percent
- Low-income refinance goal: 21 percent
The 2018-2020 multifamily benchmarks are as follows:
- Low-income goal: 315,000 units
- Very low-income sub-goal: 60,000 units
- Small multifamily low-income sub-goal: 10,000 units
The final rule establishes new housing goals for Fannie Mae and Freddie Mac in accordance with the Housing and Economic Recovery Act of 2008. FHFA continues to establish annual housing goals for Fannie Mae and Freddie Mac and to assess their performance under the housing goals every year the two enterprises remain under conservatorship.
This is an article from NAHB’s NAHB Now blog.