This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2015 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2016 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
HARP - the Home Affordable Refinance Program was created by FHFA specifically to help homeowners current on their mortgage payments, but underwater on their mortgages.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector.
Meet the experts...
Key Topics pages provide information about FHFA's work on a range of issues facing the nation and highlight the most relevant related news releases, reports, statements and web pages on the respective topics.
The Honorable Melvin L. Watt of Charlotte, NC sworn in on January 6th to a 5-year term as the first Senate-confirmed Director of FHFA.
Read more about Director Watt
FHFA is responsible for establishing Affordable Housing Goals, maintaining data, annual reporting, and developing regulatory policies, as well as, conducting off-site monitoring and examinations of the Federal Home Loan Banks' housing and community investment programs and activities.
the Affordable Housing Program (AHP),
the Community Investment Program (CIP),
the Community Investment Cash Advance Program (CICA), and
the Community Development Financial Institutions membership in the FHLBanks.
FHFA is required to monitor and report annually on the Federal Home Loan Banks’ support of their low-income housing and community development activities to the Federal Home Loan Banks’ Advisory Councils. This report fulfills that requirement. In 2014, the FHLBanks contributed approximately $293 million to their Affordable Housing Programs, and awarded over $328 million for rental and ownership housing. Read the latest Low-Income Housing and Community Development Activities of the Federal Home Loan Banks Report.
FHFA is required to monitor and report annually on the Federal Home Loan Banks’ support of their low-income housing and community development activities to the Federal Home Loan Banks’ Advisory Councils. This report fulfills that requirement. In 2014, the FHLBanks contributed approximately $293 million to their Affordable Housing Programs, and awarded over $328 million for rental and ownership housing.
Read the latest Low-Income Housing and Community Development Activities of the Federal Home Loan Banks Report.
By law, each Federal Home Loan Bank (FHLBank) must establish an Affordable Housing Program (AHP).
Under the Federal Home Loan Bank Act, (Bank Act) the specified uses of AHP funds are to:
Finance the purchase, construction, or rehabilitation of owner-occupied housing for households at 80 percent or less of the area median income, and
Finance the purchase, construction, or rehabilitation of rental housing where at least 20 percent of the units are affordable for and occupied by very low-income households (with incomes at 50 percent or less of the area median income).
Each FHLBank must contribute 10 percent of its net earnings to its AHP.
Each FHLBank is authorized to operate two AHP programs.
Competitive Application Program a financial institution member of a FHLBank submits an application to that FHLBank on behalf of a non-profit sponsor.
Homeownership “Set Aside” Program that provides down payment and closing cost assistance for home buyers or funds to homeowners to rehabilitate their homes.
Establishment of homeownership set-aside programs for a variety of purposes is elective for each FHLBank. FHFA regulations limit the amount of funds that a Bank can allocate to its set-aside program. AHP leverages other types of financing and provides housing affordable for special-needs and very low-income households.
Since 1990 through 2014, the FHLBanks have contributed approximately $4.6 billion in AHP subsidies to support almost 759,000 units of housing.
The Bank Act also requires each FHLBank to offer Community Investment Program (CIP) advances (loans) to their member financial institutions.
The Federal Home Loan Banks pass on the program loans to:
finance housing for households with incomes up to 115 percent of the area median income or
finance commercial and economic development activities that benefit low-income individuals or low-income areas (defined as 80 percent or less of area median income).
Community Support Statement Form and Instructions (Form 60)
Under the CICA program, which was established by regulation, the FHLBanks offer advances for economic development The Community Investment Cash Advances (CICA) programs offer funding for their members to use to provide financing for projects that are targeted to certain economic development activities. These include commercial, industrial, manufacturing and social services projects, infrastructure, and public facilities and services. CICA lending is targeted to specific beneficiaries, including small businesses and certain geographic areas. Two types of CICA programs benefit households at specified income levels. These are: Rural Development Funding (RDF): Projects in rural areas for beneficiaries with incomes at or below 115% of the area median income;
Urban Development Funding (UDF) Program: Projects in urban areas for targeted beneficiaries with incomes at or below 100% of the area median income; and
Rural Development Funding (RDF): Projects in rural areas for beneficiaries with incomes at or below 115% of the area median income;
Community Development Financial Institutions (CDFI) are specially designated financial intuitions that serve a niche market underserved by traditional financial institutions. The FHLBanks, as part of the affordable housing intuitive, extend membership to CDFI's. As of December 31, 2012, 131 depository CDFIs and 12 non-depository CDFIs were Bank members
© 2016 Federal Housing Finance Agency