The Federal Housing Finance Agency today finalized Fannie Mae and Freddie Mac’s 2015-2017 affordable housing goals. For both enterprises, the goal for home purchases by low-income families will rise from 23 percent to 24 percent, and the goal for very low-income families will dip from 7 percent to 6 percent. The goal for home purchases in low-income areas will rise from 11 percent to 14 percent, and the goal for refinances by low-income families would rise from 20 percent to 21 percent.
Meanwhile, Fannie’s multifamily goals would rise by 50,000 units from the 2014 benchmark, while Freddie’s would increase by 100,000. Of the GSEs’ multifamily goals, Fannie and Freddie will each be required to target 60,000 units annually for very low-income families. FHFA also finalized a new goal — small multifamily properties affordable to low-income families — that it would set at 10,000 each for Fannie and Freddie by 2017.
