The Federal Housing Finance Agency (FHFA) published its Underserved Markets Plan for Fannie Mae and Freddie Mac.
The report, which becomes effective Jan. 1, 2018, is a three-year plan for 2018 through 2020.
It looks at strategies to help three specific underserved markets — manufactured housing, affordable housing preservation, and rural housing – by increasing the liquidity of mortgage financing, for very low-, low-, and moderate-income families.
“I congratulate Fannie Mae, Freddie Mac and FHFA staff for the work they have done to reach this significant milestone,” Melvin Watt, the director of the FHFA, said. “The tough challenges associated with implementation are still ahead, however, to ensure that the Plans meet affordable housing needs in underserved markets around the country. FHFA looks forward to working with Fannie Mae, Freddie Mac and stakeholders to ensure that the Plans serve their statutory purposes and do so in a safe and sound manner.”
The activities Fannie and Freddie propose to fulfill this mandate will continue to be subject to FHFA review and approval. These reviews are necessary to ensure their compliance with their charters, safety, and soundness, and other conservatorship and regulatory requirements. The full underserved markets plan for 2018 – 2020 is available on the FHFA website.