Federal Housing Finance Agency (FHFA) officials released the updated 2023 Fannie Mae and Freddie Mac Equitable Housing Finance Plans, maintaining the effort fosters affordable and equitable housing access.
Fannie Mae and Freddie Mac, also known as the Enterprises, have Equitable Housing Finance Plans that are designed to complement the initiatives outlined in FHFA’s Strategic Plan: Fiscal Years 2022–2026, which promotes the Enterprises’ safety and soundness while eyeing equitable access.
“As we celebrate Fair Housing Month and the 55th Anniversary of the Fair Housing Act, we are reminded that every step taken towards bringing more equity into the housing finance system is a step in the right direction,” FHFA Director Sandra L. Thompson said. “In 2022, the Enterprises helped more than 834,000 households through various actions outlined in their Equitable Housing Finance Plans.”
Equitable Housing Finance Plan updates, according to the FHFA, include incorporating the Latino Housing Journey and actions to remove barriers experienced by Latino renters and homeowners in Fannie Mae’s plan; bolstering the focus on ensuring existing borrowers receive fair loss mitigation support and outcomes via monitoring and developing strategies to close any gaps; supporting locally-owned modular construction facilities in communities of color; and increasing the reach of Enterprise Special Purpose Credit Programs to support underserved communities homeownership attainment and housing sustainability.
Also, the Enterprises have released performance reports detailing progress under their Equitable Housing Finance Plans during 2022 and actions being taken to advance equity in automated underwriting systems.