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DTS 2021 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.

In 2022, FHFA conducted virtual meetings with Fannie Mae and Fred​die Mac to supplement the information provided by the Enterprises in their 2021 annual reports.

FHFA has evaluated Fannie Mae and Freddie Mac’s 2021 Duty to Serve performance under their first Duty to Serve Plans, which covered the 2018-2021 period. FHFA has determined that each Enterprise complied with its Duty to Serve requirements in all three underserved markets in 2021. For an Enterprise that achieves compliance, FHFA will convert its final performance score into one of four passing ratings: Minimally Passing, Low Satisfactory, High Satisfactory, or Exceeds.

For 2021, FHFA assigned Fannie Mae a rating of Low Satisfactory for its activities in the manufactured housing market, a rating of Low Satisfactory for its activities in the affordable housing preservation market, and a rating of High Satisfactory for its activities in the rural housing market. For 2021, FHFA assigned Freddie Mac a rating of High Satisfactory for its activities in the manufactured housing market, a rating of Low Satisfactory for its activities in the affordable housing preservation market, and a rating of Low Satisfactory for its activities in the rural housing market.

Highlights of the Enterprises' 2021 performance are published in FHFA's 2022 Annual Housing Report. Data on the Enterprises' 2021 Duty to Serve-qualifying loan purchases is available on the Performance Data section of the Duty to Serve 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
Loan Product 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
Outreach Engage with Industry Stakeholders in a Way that Addresses Market Needs View Reports
Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents
Loan Purchase Increase liquidity to governmental entity, non-profit organizations, or ROC (collectively “Non-Traditional Owners”) through research, data analysis, loan product review and enhancement, implementing a pilot for ROC, and publishing Fannie Mae’s experiences View Reports
Manufactured home communities (MHCs) with certain tenant pad lease protections
Loan Purchase 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
Outreach Increase the purchase of mortgage loans that finance the purchase or renovation of distressed properties 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
Multifamily energy
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
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 Purchase Establish a RED initiative to increase loan purchases relating to the Statutory Activity for Other Comparable State or Local Affordable Housing Programs View Reports
Outreach Outreach and Stakeholder Engagement on the importance of Residential Economic Diversity in community-level, household and individual outcomes View Reports
Loan Product Establish an initiative which aims at improving future access to affordable rental housing through outreach, research, and product development efforts View Reports
Section 515
Loan Purchase Work with the USDA and other stakeholders to adopt an approach resulting in increased preservation of Section 515 properties and purchase Section 515 loans View Reports
Outreach Sponsor technical assistance programs that support and facilitate the preservation of Section 515 properties 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 energy or water efficiency 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 Purchase 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
Type ​Description ​Report
Housing for high-needs rural populations
Outreach Rebrand and market Fannie Mae's Native American Conventional Lending Initiative (NACLI) View Reports
Outreach Create and implement work-plans and purchase loans secured by multifamily housing for Native Americans and agricultural workers View Reports
Loan Product Conduct activities to expand access to the secondary market for high needs populations 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
Outreach Increase affordable capital through industry outreach in high-needs rural regions View Reports
Loan Purchase Create a work-plan and increase multifamily loan purchases in Middle Appalachia, the Lower Mississippi Delta, rural tracts in persistent poverty counties, 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
Financing by small institutions of rural housing
Loan Purchase Fannie Mae will increase loan purchases of single family loans in rural areas 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
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
Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents
Loan Purchase Purchase Resident-Owned Community Loans View Reports
Manufactured home communities (MHCs) with certain tenant pad lease protections
Loan Purchase Purchase loans that institute Duty to Serve tenant protections View Reports
Type ​Description ​Report
Low-income housing tax credit (LIHTC) debt
Loan Purchase Provide liquidity and stability through LIHTC loan purchases View Reports
Energy or Water Efficiency Improvements on Multifamily Rental Properties Improvements
Outreach Publish an annual study of energy and water efficiency through the Green Advantage program View Reports
Financing of Small Multifamily Rental Properties
Loan Purchase Purchase/Guaranty seasoned Small Balance Loans from Small Financial Institutions View Reports
Loan Product Develop offering for loan credit enhancement for secondary market transactions “SMART CE” 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
Outreach Conduct and publish research on zoning practices that further residential economic diversity View Reports
Section 8
Loan Purchase Provide liquidity and stability through Section 8 loan purchases View Reports
Section 515
Loan Product Develop a new offering to preserve properties with USDA Section 515 debt View Reports
Support for Shared Equity Programs for Affordable Housing Preservation
Loan Purchase Inform loan product design through loan purchases and increase single-family purchases of loans secured by properties under shared equity programs View Reports
Financing of Single-Family Properties in Opportunity Zones
Outreach Facilitate the creation and preservation of long-term affordable housing units in opportunity zones View Reports
Sustainability and Resiliency
Outreach Conduct and publish a report on resiliency efforts within multifamily housing View Reports
Type ​Description ​Report
Housing for high-needs rural populations
Outreach Increase technical expertise in Indian areas View Reports
Investment Engage in LIHTC Equity Investment View Reports
Housing in high-needs rural regions
Loan Purchase Increase single-family loan purchases in high-needs rural regions View Reports
Investment Engage in LIHTC equity investment View Reports
Outreach Facilitate thought leadership and research related to housing and mortgage financing in rural communities View Reports
Additional activity: LIHTC Investment in all Rural Areas
Investment Engage in LIHTC equity investment in all rural areas View Reports
Financing by Small Financial Institutions of Rural Housing
Loan Purchase Increase loan purchases from small financial institutions serving rural regions View Reports
Small Multifamily Rental Properties in Rural Areas
Loan Product Develop a new offering to preserve properties with USDA Section 515 debt View Reports
Investment Engage in LIHTC equity investment in all rural in 5- to 50-unit properties View Reports

See past Quarterly and Annual Reports