DTS 2018 Enterprise Annual Reports

To enable FHFA's evaluations, each Enterprise submits quarterly and annual reports detailing its actions and progress toward achieving the objectives in its Plan. FHFA makes these quarterly and annual reports public, omitting any confidential and proprietary information. These reports contain the Enterprises’ views on their Duty to Serve activities and do not necessarily reflect FHFA’s views.

For 2018, FHFA has determined that each Enterprise complied with its Duty to Serve requirements in all three underserved markets. In addition, FHFA finds that each Enterprise performed a satisfactory job of increasing the liquidity and distribution of available capital in each of the three underserved markets. Due to the difficulty of measuring and rating impact from this single year, FHFA was not able to determine more granular ratings for 2018.

Highlights of the Enterprises' performance are published in FHFA's 2019 Annual Housing Report to Congress. Data on the Enterprises' 2018 Duty-to-Serve-qualifying loan purchases is available on the Data and Tools page.

Type	Description	Report
Manufactured homes titled as real property
Loan Purchase	Increase the purchase volume of conventional manufactured housing secured by real estate each year of the Plan	View Reports
Outreach	Increase liquidity for manufactured housing titled as real property through industry outreach and increasing purchases	View Reports
Loan Product	Develop an enhanced manufactured housing loan product for quality manufactured housing and purchase loans	View Reports
Manufactured homes titled as personal property (chattel)
Outreach	Conduct outreach, perform research and promote information sharing that supports the development of a chattel loan pilot and market standardization of the product	View Reports
Loan Product	Establish a chattel loan pilot structure and secure approval from FHFA to purchase chattel loans	View Reports
Outreach	Explore securitization structures that attract private capital and provide sustainable liquidity to the chattel market	View Reports
Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents
Outreach	Increase liquidity to governmental entity, non-profit organization or resident-owned MHC (collectively “Non-Traditional Owners") through research, data analysis, loan product review and enhancement, implementing a pilot for resident-owned MHC and publishing Fannie Mae's experiences	View Reports
Loan Product	Establish pilot program for investments in non-profit organizations, Community Development Finance Institutions (CDFI), small financial institutions or other entities which have a major focus on MHC with Non-Traditional Owners	View Reports
Manufactured home communities (MHCs) with certain tenant pad lease protections
Loan Product	Conduct research and outreach to determine market opportunities for FHFA's proposed minimum tenant pad lease protections (FHFA Pad Requirements), offer one loan product enhancement and acquire loans	View Reports

Type	Description	Report
Purchase or rehabilitation of distressed properties
Outreach	Increase affordable capital through industry outreach and developing loan financing solutions	View Reports
Loan Purchase	Increase the purchase of mortgage loans that finance the purchase or renovation of distressed properties	View Reports
Low-income housing tax credit (LIHTC) debt
Loan purchase	Increase purchases of mortgages secured by LIHTC Properties	View Reports
Multifamily energy efficiency improvements
Outreach	Engage stakeholders and conduct research to increase awareness and understanding of energy or water efficiency improvements and financing needs	View Reports
Outreach	Facilitate the establishment and dissemination of energy or water efficiency improvements finance industry standards that will facilitate increased liquidity to the multifamily energy efficiency improvements finance market	View Reports
Loan Purchase	Purchase multifamily loans that finance energy or water improvements that meet the FHFA Criteria	View Reports
Small multifamily rental properties
Loan Product	Adopt effective approach to purchase small multifamily loans from financial entities with $10 billion or less in assets and purchase loans	View Reports
HUD Rental Assistance Demonstration (RAD) program
Loan Purchase	Conduct outreach, review potential loan product enhancements and purchase loans secured by RAD properties	View Reports
Additional Activity: Residential Economic Diversity
Loan Product	Establish a RED initiative to increase loan purchases relating to the Statutory Activity for the provision of debt for LIHTC under Section 42 of the Internal Revenue Code	View Reports
Loan Product	Establish a RED initiative to increase loan purchases relating to the Statutory Activity for Other Comparable State or Local Affordable Housing Programs	View Reports
Loan Product	Establish an initiative to make investments that promote RED in conjunction with Fannie Mae's Additional Activity for Workforce Equity Investments	View Reports
Section 202
Loan Product	Consider loan product changes, prepare work-plan and purchase loans	View Reports
Section 515
Loan Product	Work with USDA and other stakeholders to adopt approach resulting in increased liquidity for preservation of Section 515 properties and purchase Section 515 loans	View Reports
Section 8
Loan purchase	Purchase loans secured by properties served by the Section 8 program	View Reports
Single-family energy efficiency improvements
Outreach	Increase liquidity for energy or water efficiency improvements through outreach, research and developing solutions	View Reports
Loan Product	Increase liquidity for Improvements that meet the FHFA Criteria by facilitating the adoption of enhanced industry standards and purchasing loans	View Reports
Shared equity (Affordable homeownership preservation)
Loan Product	Increase the purchase of mortgage loans that finance shared equity programs	View Reports
Outreach	Increase liquidity for shared equity homeownership through outreach, research, and enhancing loan product solutions	View Reports
Comparable state or local affordable housing programs
Loan Product	Expand Fannie Mae's multifamily affordable housing (MAH) definition to support other comparable State or local programs to preserve affordable housing and purchase loans	View Reports
Additional activity: Workforce equity
Loan Product	Establish a program to provide investment capital to non-LIHTC properties to preserve multifamily rental properties affordable to workforce families	View Reports

Type	Description	Report
Housing for high-needs rural populations
Loan Product	Rebrand and market Fannie Mae's Native American Conventional Lending Initiative (NACLI) and purchase loans	View Reports
Outreach	Design an investment pilot program, partnering with a Native American (CDFI) or other mission driven lenders, to increase access to credit, capital or financial counseling	View Reports
Outreach	Create and implement work-plans and purchase loans secured by multifamily housing for Native Americans and agricultural workers	View Reports
Housing in high-needs rural regions
Loan Purchase	Fannie Mae will increase single-family loan purchases in high-needs rural regions	View Reports
Loan Product	Increase affordable capital through industry outreach and developing solutions to increase loan purchases	View Reports
Outreach	Create a work-plan and increase multifamily loan purchases in Middle Appalachia, the Lower Mississippi Delta and the colonias	View Reports
Additional activity: Rural LIHTC equity investments
Investment	Invest in LIHTC properties including housing associated with other Statutory and Regulatory Activities	View Reports
Rural small financial institutions
Loan Purchase	Through outreach and developing solutions, Fannie Mae will increase loan purchases of single family loans in rural areas from small financial institutions	View Reports
Loan Product	Purchase single-family rural loans through bulk transactions from small financial institutions	View Reports
Outreach	Gain an understanding of the challenges and opportunities for small financial institutions in rural areas through outreach	View Reports
Rural small multifamily properties
Loan Product	Identify market opportunities to purchase small multifamily loans in rural areas	View Reports

Type	Description	Report
Manufactured homes titled as real property
Loan Purchase	Increase single-family loan purchases of manufactured housing titled as real property	View Reports
Loan Product	Design new product flexibilities to facilitate the origination of mortgages securing manufactured housing titled as real property	View Reports
Outreach	Increase homebuyer access to education and resources	View Reports
Manufactured homes titled as personal property (chattel)
Loan Product	Conduct outreach and research on the chattel market	View Reports
Loan Product	Develop initiative guidelines for chattel pilot and initiate chattel pilot	View Reports
Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents
Outreach	Promote understanding of the Resident-Owned Communities market	View Reports
Loan Product	Develop a new offering for Resident-Owned Communities	View Reports
Manufactured home communities (MHCs) with certain tenant pad lease protections
Outreach	Conduct tenant protection survey	View Reports

Type	Description	Report
Low-income housing tax credit (LIHTC) debt
Loan Purchase	Provide liquidity and stability through LIHTC loan purchases	View Reports
Loan Product	Develop a new mezzanine financing offering to close capital gaps for LIHTC preservation transactions	View Reports
Multifamily energy efficiency improvements
Outreach	Publish an annual study of energy and water efficiency through the Green Advantage program	View Reports
Small multifamily rental properties
Loan Product	Develop a new offering for Small Balance Loan pool securitization	View Reports
Loan Product	Develop a new offering for Small Balance Loan Pool credit enhancement	View Reports
Loan Purchase	Purchase/Guaranty seasoned Small Balance Loans from Small Financial Institutions	View Reports
HUD Rental Assistance Demonstration (RAD) program
Loan Purchase	Provide liquidity and stability through RAD loan purchases	View Reports
Additional Activity: Residential Economic Diversity
Loan Purchase	Purchase loans on properties that support Residential Economic Diversity	View Reports
Loan Product	Create a mapping tool to enable deeper understanding of the various aspects of RED	View Reports
Outreach	Conduct and publish three research projects on housing in High Opportunity Areas	View Reports
Outreach	Conduct and publish three research projects on housing in Areas of Concentrated Poverty (QCTs and R/ECAPS)	View Reports
Outreach	Conduct and publish three research projects on states that prioritize, or could prioritize, RED in QAPs	View Reports
Section 515
Loan Product	Develop a new offering to preserve properties with USDA Section 515 debt	View Reports
Section 8
Loan Purchase	Provide liquidity and stability through Section 8 loan purchases	View Reports
Loan Product	Develop a new offering with a more efficient origination path for Section 8 preservation	View Reports
Single-family energy efficiency improvements
Loan Product	Research the relationship of energy efficient homes to property values and mortgage performance	View Reports
Loan Product	Develop valuation guidelines and data collection requirements	View Reports
Loan Product	Facilitate financing of energy efficiency improvements and energy efficient homes	View Reports
Shared equity (Affordable homeownership preservation)
Loan Product	Develop product flexibilities and guidelines that facilitate new mortgage originations under shared equity programs	View Reports
Loan Product	Inform loan product design through loan purchases	View Reports
Loan Product	Support standardization of data collection at the transaction level	View Reports
Outreach	Promote market awareness of shared equity programs	View Reports

Type	Description	Report
Housing for high-needs rural populations
Outreach	Increase homebuyer access to education and resources for members of a federally recognized Indian tribe in Indian areas	View Reports
Outreach	Increase technical expertise in Indian areas	View Reports
Outreach	Research on tribal lands in association with LIHTC and other federal programs	View Reports
Loan Product	Develop LIHTC equity investment offering	View Reports
Housing in high-needs rural regions
Loan Purchase	Increase single-family loan purchases in high-needs rural regions	View Reports
Loan Product	Design new product flexibilities to facilitate the origination of mortgages in high-needs rural regions	View Reports
Loan Product	Design improved product flexibilities to facilitate the origination of renovation mortgages	View Reports
Outreach	Increase future homebuyer access to education and resources	View Reports
Loan Product	Develop rural mapping tool	View Reports
Outreach	Research the use of and opportunity for LIHTC in support of Middle Appalachia	View Reports
Investment	Engage in LIHTC equity investment	View Reports
Additional activity: Rural LIHTC equity investments
Investment	Engage in LIHTC equity investment in all rural areas	View Reports
Additional activity: Rural single-family rental (SFR)
Outreach	Research rural SFR market characteristics and opportunities	View Reports
Loan Product	Offering for SFR transactions containing homes in rural areas	View Reports
Rural small financial institutions
Loan Purchase	Increase loan purchases from small financial institutions serving rural regions	View Reports
Rural small multifamily properties
Loan Product	Develop a new offering to preserve properties with USDA Section 515 debt	View Reports

See past Quarterly and Annual Reports