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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FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
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Glossaries
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The single-family goals defined under the Safety and Soundness Act include separate categories for home purchase mortgages for low-income families, very low-income families, and families that reside in low-income areas. Performance on the single-family home purchase goals is measured as the percentage of the total home purchase mortgages purchased by an Enterprise each year that qualify for each goal or subgoal. There is also a separate goal for refinancing mortgages for low-income families, and performance on the refinancing goal is determined in a similar way.
Each of the single-family housing goals includes two parts: a benchmark level and a market level. The benchmark level is a percentage target that is set by FHFA in advance, based primarily on FHFA's market forecasts and past performance on the goals. The market level is determined after the year is over, based on data collected under the Home Mortgage Disclosure Act (HMDA) for the year. In order to achieve a single-family housing goal, the actual percentage of mortgage purchases that satisfy the goal criteria must meet or exceed either the benchmark level or the market level for that year, as shown in the tables below.
In 2019, the most recent year for which housing goals determinations are available, both Fannie Mae and Freddie Mac met all single-family goals and subgoals. In making these determinations, FHFA analyzed the size and composition of the conventional conforming primary mortgage market, as measured using the Home Mortgage Disclosure Act (HMDA) data for 2019.
The single-family housing goal benchmarks, market levels, and official Enterprise performance, as calculated by FHFA, are as follows:
(An underlined figure denotes missed goals)
Benchmark
27%
23%
24%
24%
Actual Market
27.2%
26.5%
26.6%
24.0%
22.8%
23.6%
22.9%
24.3%
25.5%
26.6%
Fannie Mae Performance
25.1%
25.8%
25.6%
23.8%
23.5%
25.5%
28.2%
27.8%
Freddie Mac Performance
27.8%
23.3%
24.4%
21.8%
21.0%
22.3%
23.2%
27.4%
8%
7%
6%
6%
8.1%
8.0%
7.7%
6.3%
5.7%
5.8%
5.4%
5.9%
6.5%
6.6%
7.2%
7.6%
7.3%
6.0%
5.6%
5.2%
6.7%
8.4%
6.6%
7.1%
5.5%
4.9%
6.3%
6.8%
13%
11%
14%
14%
14%
12.1%
11.4%
13.6%
14.2%
15.0%
15.2%
15.9%
17.1%
18.0%
18.1%
12.4%
11.6%
13.1%
14.0%
15.5%
15.6%
16.2%
18.3%
20.1%
19.5%
10.8%
9.2%
12.3%
14.5%
16.4%
17.3%
21%
20%
21%
20.2%
21.5%
25.0%
22.5%
19.8%
25.4%
30.7%
20.9%
23.1%
22.1%
19.5%
24.8%
31.2%
23.8%
22.0%
23.4%
22.4%
24.1%
26.4%
27.3%
22.4%
The multifamily goals defined under the Safety and Soundness Act include separate categories for mortgages on multifamily properties (properties with five or more units) with rental units affordable to low-income families and for mortgages on multifamily properties with rental units affordable to very low-income families. FHFA has also established by regulation a small multifamily low-income subgoal for properties with 5-50 units. The multifamily goals evaluate the performance of the Enterprises based on numeric targets, not percentages, for the number of affordable units in properties backed by mortgages purchased by an Enterprise. The regulation does not include a retrospective market level measure for the multifamily goals and subgoals, due in part to a lack of comprehensive data about the multifamily market such as that provided by HMDA for single-family mortgages. As a result, FHFA currently measures Enterprise multifamily goals performance against the benchmark levels only. Both Fannie Mae and Freddie Mac achieved each of the multifamily housing goals in 2019. The multifamily goal levels and official Enterprise performance, as calculated by FHFA, are as follows:
Fannie Mae Goal
177,750
285,000
265,000
250,000
300,000
315,000
315,000
Freddie Mac Goal
161,250
225,000
215,000
200,000
214,997
301,224
375,924
326,597
262,050
307,510
352,368
401,145
421,813
385,763
161,500
229,001
298,529
254,628
273,434
379,042
406,958
408,096
474,062
455,451
42,750
80,000
70,000
60,000
60,000
60,000
21,000
59,000
50,000
40,000
53,908
84,244
108,878
78,071
60,542
69,078
65,910
82,674
80,891
79,649
29,656
35,471
60,084
56,742
48,689
76,935
73,030
92,274
105,612
112,773
Small Low-Income Multifamily Goal
n/a
6,000
8,000
10,000
10,000
10,000
12,552
13,480
16,801
13,827
6,732
6,731
9,312
12,043
11,890
17,832
365
691
829
1,128
2,076
12,802
22,101
39,473
39,353
34,847
The single-family housing goals are expressed as percentages. To calculate the performance for each goal, the number of mortgages that meet the criteria for the goal is divided by the total number of mortgages eligible for that goal acquired by the Enterprise during the calendar year. For example, Freddie Mac's 2016 performance on the low-income home purchase goal was calculated as the ratio of the number of home purchase mortgages that Freddie Mac acquired in 2016 where borrowers had incomes no greater than 80 percent of the area median income to the total number of eligible home purchase mortgages that Freddie Mac acquired in 2016. The single-family housing goals are limited to mortgages on owner-occupied properties with one to four units. Mortgages that are insured by FHA or guaranteed by VA or RHS are not counted for purposes of the housing goals. Performance for each goal is calculated separately. For example, if a borrower's income is at or below 50 percent of the median income in the area where the home is located, that mortgage would be counted for both the very low-income home purchase goal and the low-income home purchase goal. The single-family home purchase housing goals cover families in the following categories:
Low-income families (income no greater than 80 percent of area median income);
Very low-income families (income no greater than 50 percent of area median income); and
Families in low-income areas.
For purposes of the housing goals, "families in low-income areas" is defined to include:
All families in low-income census tracts (median tract income no greater than 80 percent of area median income);
Low- to moderate-income families (income no greater than 100 percent of area median income) in high-minority census tracts (tract minority population of at least 30 percent and median tract income less than 100 percent of area median income); and
Low- to moderate-income families (income no greater than 100 percent of area median income) in designated disaster areas.
The housing goal for families in low-income areas includes a separate subgoal covering just the first two categories (families in low-income census tracts and low- to moderate-income families in high-minority census tracts). The single-family refinance housing goal is based on the percentage of the total number of refinance mortgages that an Enterprise purchases each year that are for low-income families (income no greater than 80 percent of area median income).
The multifamily housing goals are based on the total number of qualifying units, rather than a percentage of all units. Performance for the multifamily goals is the number of units meeting the goal criteria that are located in properties where an Enterprise purchased the mortgage in a given calendar year. The multifamily housing goals include all conventional mortgages on properties with five or more units.For 2016 there were three multifamily housing goals: a goal for the total number of units affordable to low-income families (income no greater than 80 percent of area median income); a subgoal for the total number of units affordable to very low-income families (income no greater than 50 percent of area median income); and a subgoal for low-income units in small (5-50 unit) properties. Because renter income is often not available, a proxy based on rent paid by the tenant is generally used to determine the affordability of rental units.The multifamily housing goals allow for overlap. If a unit meets the criteria for each of the multifamily housing goals, the unit is counted for each goal.
View all Annual Housing Activity Reports and Official FHFA Determinations for Fannie Mae and Freddie Mac.
Affordable Housing and Community Investment page
Page last updated December 16, 2020
