Fannie Mae and Freddie Mac acquired more than 360,000 loans through their affordable housing programs in 2021, according to a report released today by the Federal Housing Finance Agency, which oversees the GSEs and the Federal Home Loan Banks. Sixty-two percent of those loans were made to first-time homebuyers, FHFA said. The GSEs also acquired more than 700,000 home purchase loans to low-income borrowers and, of those, 170,000 loans were to very low-income borrowers. Fannie and Freddie also acquired 110,000 “duty to serve” single-family loans in 2021.
When it came to multifamily loans, the GSEs acquired nearly $140 billion in loans, 57% of which qualified as “mission-driven affordable housing.” They also acquired loans on approximately 750,000 low-income family units in 2021, 170,000 of which were affordable to very low-income households and purchased nearly 156,000 “duty to serve” multifamily units. $1.1 billion was invested in Low Income Housing Tax Credit equity in 2021, FHFA added.
Meanwhile, funding for the Federal Home Loan Banks’ Affordable Housing Program between 2018 and 2021 was almost $1.7 billion and supported over 168,000 housing units, including over 88,000 very low-income units. The FHLBs’ Community Investment Program funding over this period was close to $22 billion supporting over 83,000 housing units.
