The Federal Housing Finance Agency (FHFA) is required to set annual houisng goals for mortgages purchased by Freddie Mac and Fannie Mae. FHFA issued a final rule regarding the housing goals for the Enterprises for 2015 through 2017.
The final rule establishes the benchmark levels for each of the housing goals and subgoals for 2015 through 2017. In addition, the final rule establishes a new housing subgoal for small multifamily properties affordable to low-income families. The final rule also adds or revises a number of other provisions in the housing goals regulation in order to provide greater clarity about the mortgages that will qualify for the goals or subgoals. The final rule establishes for the first time a new subgoal for rental units that are affordable to low-income families, (i.e., families with incomes no greater than 80 percent of area median income) in small (5- to 50-unit) multifamily properties financed by mortgages purchased by an Enterprise.
| Goal | Criteria | Goal levels for 2014 | Final Rule Goal levels for 2015 | Final Rule Goal levels for 2016 | Final Rule Goal levels for 2017 |
| Low-Income Goal | Units affordable to families with incomes no greater than 80 percent of area median income in multifamily rental properties with mortgages purchased by an Enterprise | Fannie Mae: 250,000 units
Freddie Mac: 200,000 units |
Fannie Mae: 300,000 units
Freddie Mac: 300,000 units |
Fannie Mae: 300,000 units
Freddie Mac: 300,000 units |
Fannie Mae: 300,000 units
Freddie Mac: 300,000 units |
| Very Low-Income Subgoal | Units affordable to families with incomes no greater than 50 percent of area median income in multifamily rental properties with mortgages purchased by an Enterprise | Fannie Mae: 60,000 units
Freddie Mac: 40,000 units |
Fannie Mae: 60,000 units
Freddie Mac: 60,000 units |
Fannie Mae: 60,000 units
Freddie Mac: 60,000 units |
Fannie Mae: 60,000 units
Freddie Mac: 60,000 units |
| Low-Income Subgoal for Small Multifamily Rental Properties | Units affordable to families with incomes no greater than 80 percent of area median income in small multifamily rental properties (5 to 50 units) with mortgages purchased by an Enterprise | None | Fannie Mae: 6,000 units
Freddie Mac: 6,000 units |
Fannie Mae: 8,000 units
Freddie Mac: 8,000 units |
Fannie Mae: 10,000 units
Freddie Mac: 10,000 units |
The final rule makes a number of clarifying and conforming changes, including revisions to the definitions of “rent” and “utilities” and to 2 the rules for determining affordability of both single-family and multifamily units. The final rule also establishes more transparent agency procedures for FHFA guidance on the housing goals.
The final rule is effective on 30 days after the rule is published in the Federal Registrar.
