FHFA Proposes Increase for Fannie, Freddie Involvement in Low-Income Multifamily Mortgages
The Federal Housing Finance Agency (FHFA) today issued a proposed rule with housing goals for Fannie Mae and Freddie Mac for 2022-2024 that include an increase in mortgage purchases of low-income multifamily properties. The 2022-2024 Enterprise Housing Goals proposed rule for Fannie and Freddie is to purchase mortgages on low-income multifamily properties with 415,000 units annually for 2022 through 2024, an increase from the annual goal of 300,000 since 2018. The proposed rule includes two subgoals: to annually purchase mortgages for very-low-income properties with 88,000 units (currently 60,000) and small multifamily low-income properties with 23,000 units (currently 10,000). Comments will be accepted for 60 days after the proposed rule is published in the Federal Register.
Trends in affordable housing will be a focus of the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference, Sept. 30-Oct. 1 in Nashville.