The Federal Housing Finance Agency today issued a final rule for Fannie Mae and Freddie Mac establishing benchmark levels for their multifamily housing goals for 2023 and 2024. The goals use the new percentage-based methodology outlined in the proposed rule issued this summer. According to the agency, the update ensures that Fannie and Freddie “responsibly promote equitable access to affordable housing that reaches low- and very low-income families in multifamily rental properties.”
FHFA Director Sandra L. Thompson said the new methodology will make the multifamily housing goals “more responsive to market conditions.”
In August, FHFA requested public comment on proposed multifamily housing goals for 2023-2024, which FHFA considered when adopting the final rule. Under FHFA’s existing housing goals regulations, the multifamily goals include benchmark levels through the end of 2022 that are based on the total number of affordable units in multifamily properties financed by mortgage loans purchased by Fannie Mae and Freddie Mac each year. The updated rule amends the regulation to establish benchmark levels for the multifamily housing goals for the next two years based on the percentage of affordable units in multifamily properties financed by mortgages purchased by the enterprise each year.