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FHFA Announces 2021 Affordable Housing Goals for Fannie Mae and Freddie Mac

Also publishing an advance notice of proposed rulemaking seeking input on future housing goals rulemaking

FOR IMMEDIATE RELEASE
12/16/2020

Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced its 2021 affordable housing goals for Fannie Mae and Freddie Mac (the Enterprises). Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is announcing the benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020. The current benchmarks were set to expire on December 31, 2020.

The final rule establishes both single-family and multifamily housing goals. 

FHFA is also publishing an advance notice of proposed rulemaking (ANPR) seeking input on issues that FHFA may address in future housing goals rulemaking.  FHFA plans to issue a proposed and final rule in 2021 that will establish housing goal benchmarks for 2022 and beyond.  The ANPR provides an opportunity for the public to provide input on issues that will help ensure the housing goals benchmarks continue to effectively support affordable housing. The deadline for submitting responses to the ANPR is February 28, 2021. 

Single-Family Housing Goals:

Goal

Benchmark level for 2021

Low-Income Home Purchase Goal

24 percent

Very Low-Income Home Purchase Goal

6 percent

Low-Income Areas Home Purchase Subgoal

14 percent

Low-Income Refinancing Goal

21 percent


To meet a single-family housing goal or subgoal, the percentage of mortgage purchases by an Enterprise that meets each goal or subgoal must exceed either the benchmark level set in advance by FHFA or the market level for that year. The market level is determined retrospectively each year, based on the actual goal-qualifying share of the overall market as measured by FHFA based on Home Mortgage Disclosure Act (HMDA) data for that year. 

Multifamily Housing Goals:

Goal

Benchmark level for 2021

Low-Income Goal

315,000 units

Very Low-Income Subgoal

60,000 units

Low-Income Small Multifamily Subgoal

10,000 units


To meet a multifamily housing goal or subgoal, an Enterprise must purchase mortgages on multifamily properties (properties with five or more units) with rental units affordable to families in each category, as well as a subgoal for properties with 5-50 units.  FHFA measures Enterprise multifamily goals performance against benchmark levels set by FHFA. 

Link to rule. 

Responses to the ANPR must be received on or before February 28, 2021. The ANPR and instructions on how to submit responses can be found here.

For more information about the Enterprise housing goals, click here.

Attachments:

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $6.7 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter, @FHFA, YouTube, Facebook, and LinkedIn.
Contacts:

​​Media: Raffi Williams Raffi.Williams@FHFA.gov / Adam Russell Adam.Russell@FHFA.gov

© 2021 Federal Housing Finance Agency