The Federal Housing Finance Agency (FHFA) proposed its 2021 housing goals for Fannie Mae and Freddie Mac. Due to the economic uncertainty related to the COVID-19 national pandemic, FHFA is proposing benchmarks for calendar year 2021 only, and those levels will remain the same as they were for 2018-2020. Once finalized, the proposed benchmark levels would extend those benchmarks that are currently set to expire on December 31, 2020.
The proposed rule would establish both single-family and multifamily housing goals.
Single-Family Housing Goals
Low-Income Home Purchase Goal
Currently Benchmark for 2019-2020: 24 percent
Proposed Benchmark for 2021: 24 percent
Very Low-Income Home Purchase Goal
Currently Benchmark for 2019-2020: 6 percent
Proposed Benchmark for 2021: 6 percent
Low-Income Areas Home Purchase Subgoal
Currently Benchmark for 2019-2020: 14 percent
Proposed Benchmark for 2021: 14 percent
Low-Income Refinance Goal
Currently Benchmark for 2019-2020: 21 percent
Proposed Benchmark for 2021: 21 percent
Multifamily Housing Goals
Low-Income Goal
Currently Benchmark for 2019-2020: 315,000 units
Proposed Benchmark for 2021: 315,000 units
Very Low-Income Subgoal
Currently Benchmark for 2019-2020: 60,000 units
Proposed Benchmark for 2021: 60,000 units
Low-Income Small Multifamily Subgoal
Currently Benchmark for 2019-2020: 10,000 units
Proposed Benchmark for 2021: 10,000 units
Source: FHFA
