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Mission Report: Affordable Housing Activities of the Regulated Entities

2022 Housing Mission Report: Affordable Housing Activities of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks

Published: 4/28/2023

​​​The Federal Housing Finance Agency (FHFA), as regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises), and as regulator of the 11 Federal Home Loan Banks (FHLBanks), is responsible for their effective supervision, regulation, and mission oversight.

FHFA engages closely with the regulated entities as they work to fulfill their responsibilities to support affordable housing financing, targeted economic development financing, and underserved communities. This report provides a comprehensive look at the mission activities carried out by the regulated entities in 2022.

Rising interest rates and associated market volatility throughout 2022 resulted in an especially challenging environment for financing affordable housing across the single-family and multifamily business lines. The market saw higher home prices, fewer refinances and home purchase originations, continued rent growth, and ongoing housing supply constraints. When combined with high levels of inflation driving up the costs of daily life, many low- and moderate-income households encountered difficulties accessing affordable housing.

Despite these uncertain and changing market conditions, the Enterprises and FHLBanks completed a multitude of mission activities in 2022, all while operating in a safe and sound manner. For instance, in addition to overseeing the Enterprises’ statutorily mandated mission programs (i.e., the Enterprise housing goals and Duty to Serve programs), FHFA required the Enterprises to explore how they could better protect tenants living in rental properties, focus on environmental safety issues such as radon, account for the risks associated with climate change, and address barriers to sustainable housing opportunities through their Equitable Housing Finance Plans and other initiatives. Similarly, FHFA oversaw the FHLBanks’ statutorily mandated programs (i.e., Affordable Housing Program, Community Investment Program, and FHLBank housing goals), while also analyzing the FHLBanks’ rural, manufactured housing, and Native American housing performance as described in this report.


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