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.
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Implement critical reforms that will produce a stronger and more resilient housing finance system.
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2019 Conservatorships Strategic Plan
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Language Translation Disclosure
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will be allowed limited re-entry into the Low Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. The LIHTC, established in the Tax Reform Act of 1986, is the primary government program available to address the shortage of affordable rental housing through the creation and preservation of affordable units in underserved areas throughout the country. FHFA's decision was based on several factors, including furthering the Enterprises' mission to support affordable housing and ensuring that they could provide a countercyclical role in the LIHTC market in the future if needed.
"This decision demonstrates our commitment to supporting affordable rental housing in a controlled and thoughtful manner intended to stabilize the market and not to compete with private investors. Most of the Enterprises' investments will be used to facilitate transactions that support underserved markets and complement our Duty to Serve (DTS) priorities," said FHFA Director Mel Watt.
Each Enterprise will be subject to an annual investment limit of $500 million, less than a 5 percent market share for each. Within this funding cap, any investments above $300 million in a given year are required to be in areas that have been identified by FHFA as markets that have difficulty attracting investors. These investments are designed to preserve affordable housing, support mixed-income housing, provide supportive housing, or meet other affordable housing objectives.
FHFA engaged in significant stakeholder outreach about whether the Enterprises should be authorized to re-enter the LIHTC equity market, including a specific request for comments on this topic in FHFA's proposed DTS rule in 2015. Going forward, FHFA will continue to evaluate the Enterprises' participation in the LIHTC equity market annually.
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032Consumers: Consumer Communications or (202) 649-3811
© 2019 Federal Housing Finance Agency