FHFA Proposes New Housing Goals for Fannie Mae, Freddie Mac

Filed in Housing Finance by on July 7, 2017 0 Comments

The Federal Housing Finance Agency has proposed new housing goals for Fannie Mae and Freddie Mac for 2018 through 2020.

The goals are for mortgages purchased by the two government-sponsored enterprises. They include separate categories for single-family and multifamily mortgages on housing that is affordable to low-income and very low-income families, among other categories.

Most benchmarks remain at the current levels, with a couple exceptions. The benchmark for the single-family low-income areas home purchase subgoal increases by 1% (from 14 to 15%), and the multifamily low-income goal increases 15,000 units (from 300,000 to 315,000 units).

Single-Family Housing Goals:

Current and Proposed Single-Family Goals  (percentage of overall qualified single-family purchases)
Single-Family Goals Current Benchmark Level Proposed Benchmark Level 2018-2020
Low-Income Home Purchase Goal 24% 24%
Very Low-Income Home Purchase Goal 6% 6%
Low-Income Areas Home Purchase Subgoal 14% 15%
Low-Income Refinance Goal 21% 21%

 

Multifamily Housing Goals:

Current and Proposed Multifamily Goals  (number of multifamily units)
Multifamily Goals Current Level   2015-2017 Proposed Level 2018-2020
Low-Income Goal  300,000 315,000
Very Low-Income Goal 60,000 60,000
Low-Income Small Multifamily Subgoal 2015: 6,000

2016: 8,000

2017: 10,000 units

10,000 units

FHFA will accept written comments on the proposed rule on or before September 5, 2017. The notice is available here.

For more information, or to offer comments, please contact Michelle Kitchen at 800-368-5242 x8352.

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