The Federal Housing Finance Agency recently proposed its 2021 housing goals for Fannie Mae and Freddie Mac.
Due to the economic uncertainty related to the pandemic, FHFA proposed benchmarks for calendar year 2021 only, noting that those levels will remain the same as they were for 2018-2020. Once finalized, the proposed benchmark levels would extend those benchmarks that are currently set to expire Dec. 31.
The proposed rule establishes both single-family and multifamily housing goals. For 2021, FHFA’s single-family benchmarks are:
- Low-income home purchase goal: 24%
- Very low-income home purchase goal: 6%
- Low-income areas home purchase subgoal: 14%
- Low-income refinance goal: 21%
The 2021 multifamily benchmarks are:
- Low-income goal: 315,000 units
- Very low-income subgoal: 60,000 units
- Small multifamily low-income subgoal: 10,000 units
Interested parties may submit comments on the proposed rule here.