Fannie, Freddie Affordable Housing Goals Finalized

The Federal Housing Finance Agency today finalized Fannie Mae and Freddie Mac’s 2018-20 affordable housing goals. Single-family goals will remain the same compared to the 2015-17 benchmark period; for both enterprises, the goal for home purchases by low-income families is 24 percent, and the goal for very low-income families is 6 percent. The goal for home purchases in low-income areas will remain at 14 percent, and the goal for refinances by low-income families remains at 21 percent.

Meanwhile, both GSEs’ multifamily goals will rise by 15,000 units from the 2015-17 benchmark to 315,000. Of the GSEs’ multifamily goals, Fannie and Freddie will each be required to target 60,000 units annually for very low-income families (unchanged from the previous set of goals), and 10,000 small multifamily units that are affordable to low-income families.