The Federal Housing Finance Agency (FHFA) is seeking public input on Fannie Mae and Freddie Mac’s proposed Underserved Markets Plans.
Through the Housing and Economic Recovery Act of 2008, the enterprises are required to adopt a three-year Underserved Markets Plan. The enterprises must serve three specified underserved markets — manufactured housing, affordable housing preservation, and rural housing — in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families.
“I strongly encourage stakeholders to submit feedback on Fannie Mae and Freddie Mac’s proposed Duty to Serve Underserved Markets Plans,” FHFA Director Melvin Watt said. “FHFA will evaluate stakeholder input as part of our review process to ensure that the plans help the Enterprises meet their statutory obligations in a safe and sound manner.”
Fannie and Freddie will update their Duty to Serve Underserved Markets Plan after reviewing public input and FHFA feedback. The objectives in the proposed and final plans may be subject to change based on factors including public input, FHFA comments, compliance with the enterprises’ Charter Acts, safety and soundness considerations, and market or economic conditions.
The plans must be approved by FHFA before becoming effective Jan. 1, 2018.
The public can provide input on the proposed plans through the FHFA its dedicated webpage — www.FHFA.gov/DTS — until July 10, 2017.