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.