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 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
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As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
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.
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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.
The Safety and Soundness Act defines "low-income areas" as: (a) census tracts or block numbering areas in which the median income does not exceed 80 percent of area median income, and for purposes of housing goals, includes (b) families with income not greater than 100 percent of area median income who reside in minority census tracts, and (c) families with income not greater than 100 percent of area median income who reside in designated disaster areas.
Effective in 2022, FHFA created new subgoals that are aimed at (a) and (b), as noted below, by dividing the low-income areas home purchase subgoal into two subgoals.
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 2022, the most recent year for which housing goals determinations are available, both Fannie Mae and Freddie Mac met all single-family housing 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 2022.
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)
New Area-Based Subgoals
The 2022-2024 single-family and 2022 multifamily housing goals final rule established two new single-family area-based subgoals, the minority census tracts home purchase subgoal and the low-income census tracts home purchase subgoal, to replace the low-income areas home purchase subgoal.
The first year for the minority census tracts and low-income census tracts home purchase subgoals was 2022.
Replaced Subgoal
The low-income areas home purchase subgoal was replaced by the minority census tracts and low-income census tracts home purchase subgoals shown above. The last year for this subgoal was 2021.
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. Through 2022, 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 and subgoals in 2022. The multifamily goal levels and official Enterprise performance, as calculated by FHFA, are as follows:
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 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.
Before 2022, the housing goal for families in low-income areas included one subgoal combining the first two categories (families in low-income census tracts and low- to moderate-income families in minority census tracts).
Since 2022, the housing goal for families in low-income areas includes two subgoals for these two categories:
Families with incomes no greater that 100 percent of area median income living in minority census tracts; and
Families in these two subgroups: a) families living in low-income census tracts that are not minority census tracts; and b) families with incomes greater that 100 percent of area median income living in low-income census tracts that are also 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 are not mutually exclusive and 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 October 27, 2023
