FHFA SETS NEW HOUSING GOALS FOR FANNIE, FREDDIE

Thursday, September 2, 2010 - 1:45AM

The Federal Housing Finance Agency (FHFA) announced today that it has sent a final rule to the Federal Register that establishes its 2010 to 2011 housing goals for Fannie Mae and Freddie Mac. In response to market conditions, the FHFA’s final rule set goals lower than initially proposed. The rule sets three multifamily goals: Fannie Mae is to acquire mortgages that finance at least 177,750 low-income rental units and 42,750 very low-income rental units; Freddie Mac is to acquire mortgages that finance at least 161,250 low-income rental units and 21,000 very low-income rental units; and both enterprises must report on their acquisition of mortgages involving low-income units in small (5- to 50-unit) multifamily properties. The rule also changes the way that goal compliance is measured and prohibits using the purchase of mortgages in private-label securities to meet their goals. The final rule will take affect 30 days after it is published in the Federal Register.

Tune in to the next Tax Credit Tuesday podcast to hear more about these housing goals and the other changes included in the FHFA rule.

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