Fannie Mae and Freddie Mac would need to provide mortgages for 315,000 low-income housing units under newly proposed annual housing goals for 2018 through 2020.
That’s an increase from the current 300,000-unit goal for 2017, according to the proposal by the Federal Housing Finance Agency (FHFA).
The low-income multifamily goal covers units affordable to families with incomes no greater than 80% of the area median income in multifamily rental properties with mortgages purchased by a government-sponsored enterprise.
The goals for very low-income properties (60,000 units) and low-income small multifamily properties (10,000 units) would remain the same.
FHFA leaders are requesting comments on the proposal, which also include benchmark levels for single-family housing.
To meet a multifamily housing goal or subgoal, Fannie Mae and Freddie Mac must purchase mortgages on multifamily properties (those with five or more units) with rental units affordable to families in each category, as well as a subgoal for properties with five to 50 units. FHFA measures multifamily goals performance against benchmark levels set by the agency.
While the enterprises remain in conservatorship, they continue to have the mission of supporting a stable and liquid national market for residential mortgage financing.
