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The Federal Housing Finance Agency (FHFA) issued a final rule for Fannie Mae and Freddie Mac (the Enterprises) that establishes the benchmark levels for each of the single-family housing goals and subgoals for 2022 through 2024 and establishes the benchmark levels for the multifamily housing goals for 2022.

The housing goals ensure that the Enterprises, through their mortgage purchases, responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, and other underserved populations. FHFA issued a proposed rule in August 2021 that requested public comment on proposed housing goals for the Enterprises for 2022-2024, which FHFA considered in adopting the final rule.

The single-family home purchase goals include two new single-family home purchase subgoals – one targeting minority communities and the other targeting low-income neighborhoods. The new minority census tract subgoal is designed to improve access to fair and sustainable mortgage financing in communities of color.  An Enterprise mortgage purchase qualifies under the new subgoal if:

  • the borrower has an income at or below area median income (AMI); and
  • the property is in a census tract where the median income is at or below AMI and where minorities make up at least 30 percent of the population.​

“The Enterprises’ housing goals will support equitable access to sustainable, affordable housing opportunities in a safe and sound manner that bolsters the health of communities,” said FHFA Acting Director Sandra L. Thompson. “The new subgoals for minority and low-income census tracts will help preserve and support affordable housing opportunities as well as allow those communities to retain ownership of the neighborhoods they helped build.”