The Federal Housing Finance Agency today proposed to hold housing goals for Fannie Mae and Freddie at their current levels for 2021, due to the coronavirus pandemic. Once finalized, the proposal would extend the current benchmarks, which were set to expire on Dec. 31, 2020.
For both enterprises, the goal for home purchases by low-income families will remain at 24%, the goal for very low-income families will remain at 6%. The goal for home purchases in low-income areas will hold at 14%, while the goal for refinances by low-income families will remain at 21%.
The benchmark for low-income multifamily housing would remain set at 315,000 units. Fannie and Freddie would each be required to target 60,000 units annually for very-low income families. For small multifamily properties affordable to low-income families, the benchmark would remain set at 10,000 units.