The Federal Housing Finance Agency (FHFA) has released its first Mission Report outlining Fannie Mae and Freddie Mac (the Enterprises) activities and those of the Federal Home Loan Banks (FHLBanks).
“FHFA is committed to promoting affordability, equity, and sustainability in the nation’s housing finance markets,” FHFA Acting Director Sandra L. Thompson said. “Our regulated entities have made progress in many mission-driven areas, and we will continue to improve affordable housing opportunities to support homeowners and renters.”
The analysis seeks to provide greater access to financing for targeted economic development and affordable, equitable, and sustainable housing.
Mission Report key provisions, per the FHFA, include the Enterprises acquiring more than 360,000 homeownership loans through affordable housing programs; the Enterprises acquired nearly $140 billion in multifamily loans – totaling over 1.3 million units); the Enterprises acquired more than 110,000 DTS (Duty to Serve) single-family loans; and the Enterprises purchased loans on nearly 156,000 DTS multifamily units.
Enterprise programs and initiatives include Housing Goals, the Fair Lending, and the Conservatorship Scorecard, while FHLBank programs include the Affordable Housing Program (AHP) and the Community Investment Program (CIP).
From 2018 to 2021, the report determined that the FHLBanks provided almost $1.7 billion via the AHP. The initiative supports over 168,000 units for low- or moderate-income households, including more than 88,000 very-low-income units.