On August 15, the Federal Housing Finance Agency (FHFA) released the 2014 Strategic Plan for the conservatorships of the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Released annually by the GSEs’ regulator, the document is used to communicate the conservator’s policy and goals in the coming year.
This year’s plan outlines that FHFA will not require the GSEs to shrink their multifamily businesses, but will continue to encourage a reduction of Fannie and Freddie’s footprint in multifamily finance. In years past, the plan outlined a mandatory decrease in activity for the GSEs’ multifamily businesses, which NMHC strongly opposed in outreach to both FHFA and Congress.
In addition, last week FHFA released its strategic plan for Fiscal Year 2015 through 2019 along with a request for input from stakeholders. The plan appears to more aggressively monitor credit availability for multifamily in future years from a variety of sources and to closely track the data in order to inform FHFA’s future policy decisions.
The plan also highlights affordable and under-served markets, including small properties, as areas of focus for the GSEs in the coming years. Specifically, it details that although overall volume for multifamily credit at Fannie and Freddie should continue to shrink, any activity in the affordable or underserved space will not count towards that total. The request for input from stakeholders asks that responses be submitted through the FHFA portal by September 15.
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- NMHC Members from the Hoosier State Advocate for Multifamily Issues
- Senate Approves Mark Calabria for FHFA Director Position
- White House Releases Housing Finance Reform Memorandum One Day After Sue Ansel Testifies at GSE Hearing on Capitol Hill