Federal Housing Finance Agency (FHFA) today proposed a rule that would establish housing goals for the government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac for 2015 through 2017. The Housing and Economic Recovery Act of 2008 requires FHFA to establish annual housing goals for both GSEs.
The proposed rule includes benchmark levels for multifamily housing goals and establishes subgoals for small multifamily properties (5-50 units) affordable to low-income families. FHFA’s proposed multifamily benchmark levels remains the same Fannie Mae and would gradually increase for Freddie Mac over three years. See the below tables for more specifics.
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Current and Proposed Multifamily Goals |
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Current |
Proposed |
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| Benchmark Level |
2014 |
2015 |
2016 |
2017 |
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| Fannie Mae |
Freddie Mac |
Fannie Mae | Freddie Mac | Fannie Mae | Freddie Mac | Fannie Mae | Freddie Mac | |
| Low-Income Families | 250,000 | 200,000 | 250,000 | 210,000 | 250,000 | 220,000 | 250,000 | 230,000 |
| Very Low-Income Families | 60,000 | 40,000 | 60,000 | 43,000 | 60,000 | 46,000 | 60,000 | 50,000 |
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Proposed Small Multifamily Properties Affordable to Low-Income Families Subgoals (5-50 units) |
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|
2015 |
2016 |
2017 |
|
| Fannie Mae | 20,000 | 25,000 | 30,000 |
| Freddie Mac | 5,000 | 10,000 | 15,000 |
FHFA states that these levels would require the GSEs to continue to support affordable multifamily housing despite the expectation that their overall multifamily market share will continue to decline in the coming years due to increased participation by the private sector in the multifamily market.
FHFA is requesting comment on all aspects of the proposed rule.
Click here to read the proposed rule.
