The Federal Housing Finance Agency today issued a final rule for Fannie Mae and Freddie Mac establishing benchmark levels for his or her multifamily housing goals for 2023 and 2024. The goals make use of the new percentage-based methodology outlined within the proposed rule issued come july 1st. According to the agency, the update ensures that Fannie and Freddie \”responsibly promote equitable access to affordable housing that reaches low- and very low-income families in multifamily rental properties.\”
FHFA Director Sandra L. Thompson said the new methodology can make the multifamily housing goals \”more responsive to market conditions.\”
In August, FHFA requested public discuss proposed multifamily housing goals for 2023-2024, which FHFA considered when adopting the final rule. Under FHFA's existing housing goals regulations, the multifamily goals include benchmark levels through the end of 2022 that are based on the final amount of affordable units in multifamily properties financed by home loans purchased by Fannie Mae and Freddie Mac each year. The updated rule amends the regulation to establish benchmark levels for the multifamily housing goals for the following 2 yrs in line with the percentage of affordable units in multifamily properties financed by mortgages purchased through the enterprise every year.
