Monday, October 19, 2015
FHFA Adopts Affordable Housing Goals for Fannie Mae, Freddie Mac
The Federal Housing Finance Agency (FHFA) announced today it has adopted a final rule establishing single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2015 through 2017.
The final rule sets identical benchmarks for Fannie Mae and Freddie Mac in all categories and for the first time it establishes goals for rental units affordable to low-income families in small (5- to 50-unit) multifamily properties.
“The single-family goals advance the Enterprises’ (Fannie Mae and Freddie Mac) mission to provide access to credit for creditworthy borrowers and provide liquidity to the U.S. housing market while operating in a safe and sound manner,” FHFA Director Mel Watt said in a press statement. “The multifamily goals will create rental opportunities for those who need affordable housing. Together, these goals establish a solid foundation for affordable and sustainable homeownership and rental opportunity in this country.”
NAHB previously sent comments to FHFA on the 2015-2017 housing goals, stating that the we believe that the goals are set at an appropriate level in the single-family area. On the multifamily side, NAHB expressed support for FHFA’s proposal to establish a low-income, small multifamily goal and generally agreed the goal levels as recommended for multifamily in 2015-2017 were appropriate.
The final rule will become effective 30 days after publication in the Federal Register.