The Federal Housing Finance Agency (FHFA) has released its new housing goals effective for 2010 and 2011 for Fannie Mae and Freddie Mac, as amended by the Housing and Economic Recovery Act (HERA) in 2008. The amendment requires FHFA to establish one multifamily special affordable housing goal, as well as provide for a multifamily special affordable housing sub-goal. FHFA’s final rule establishes new housing goals for 2010 and 2011 and revises and updates the rules for counting mortgages for purposes of the housing goals to ensure clarity and consistency with the new goals. In addition, the final rule includes provisions regarding reporting requirements and book-entry procedures. The overall multifamily goal for 2010″“2011 is applies to mortgages on housing for families with incomes no greater than 80 percent of AMI, regardless of location. The 2010″“2011 very low-income multifamily sub-goal is targeted to households at or below 50 percent of AMI.
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