On August 18, the Federal Housing Finance Agency (FHFA) proposed new single-family and multifamily affordability goals for Fannie Mae and Freddie Mac (the Enterprises) for 2022 to 2024.
According to the release, “the proposed housing goals are designed to ensure the Enterprises responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, rural areas, and other underserved populations.”
To meet a multifamily housing goal or subgoal, an Enterprise must purchase mortgages on multifamily properties (properties with five or more units) with rental units affordable to low-income, very low-income and small multifamily (5-50 units) low-income families as listed in the chart below. FHFA measures Enterprise multifamily goals performance against benchmark levels set in advance.
FHFA is accepting comments on this proposed rule within 60 days of publication in the Federal Register. More information can be found here.