Fannie, Freddie 2021 Affordable Housing Goals to Remain Unchanged

The Federal Housing Finance Agency today announced Fannie Mae and Freddie Mac’s 2021 affordable housing goals would remain the same as during the 2018-2020 period. The agency said that due to the economic uncertainty related to the COVID-19 pandemic, it is only announcing the benchmarks for calendar year 2021, rather than a three-year period as it had done previously. The current benchmarks were set to expire on Dec. 31.

The goal for single-family home purchases by low-income families is 24%, and the goal for very low-income families is 6%. The goal for home purchases in low-income areas is 14%, and the goal for refinances by low-income families is 21%.

Both GSEs’ multifamily goals are 315,000 units. Fannie and Freddie will each be required to target 60,000 units annually for very low-income families, and 10,000 small multifamily units that are affordable to low-income families.