On December 18, the Federal Housing Finance Agency (FHFA)
issued a proposed rule that would implement the long
delayed “Duty to Serve” rules for Fannie Mae and Freddie Mac (the GSEs). The proposal
requires them to adopt plans to improve mortgage financing for residential
properties that serve very low-, low-, and moderate-income families in three underserved
markets: manufactured housing, affordable housing preservation and rural
Both single family and multifamily markets are included in the proposal. Importantly, the plans may influence the business practices for the GSEs in the three specific markets.
NMHC/NAA are reviewing the proposal to analyze potential impacts on the multifamily market. We will be responding to FHFA’s call for comments on the proposal by the agency’s March 17 deadline. If you have questions, or would like to offer input to us on the proposal, please contact Dave Borsos at firstname.lastname@example.org.
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