Mortgage

FHFA releases future affordable housing goals for Fannie, Freddie

Final rule set for 2015 through 2017

The Federal Housing Finance Agency revealed the official details of its final rule that establishes single-family and multifamily housing goals for Fannie Mae and Freddie Mac for 2015 through 2017.  

The government agency first proposed the rule at the end of August 2014, and at the time, it requested comments on all aspects of the proposed rule.

Under the Housing and Economic Recovery Act of 2008, the FHFA is required to establish annual housing goals for both enterprises.

Over the last year, the FHFA considered more than 144 comments, with the finalized rule now becoming effective 30 days after publication in the Federal Register. 

“The single-family goals advance the enterprises’ statutory missions 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,” said FHFA Director Melvin Watt. 

“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 opportunities in this country,” Watt continued.    

These two charts show the new goals set by the FHFA.

Click to enlarge

Chart 1

(Source: FHFA)

Click to enlarge

Chart 2

(Source: FHFA)

The finalized numbers are not too far off the original proposed numbers, which is shown below.

Click to enlarge

Chart 3

(Source: FHFA)

Click to enlarge

Chart 4

(Source: FHFA)

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