The Federal Housing Finance Agency (FHFA) finalized the 2021 Duty to Serve Underserved Markets Plans for Fannie Mae and Freddie Mac. Instead of implementing entirely new plans for 2021 through 2023, FHFA opted to extend the 2018 through 2020 plans, citing the “potential market disruption and uncertainty” caused by the COVID-19 pandemic.
In September, FHFA proposed changes to the 2020 objectives in the GSEs’ 2018-2020 Underserved Markets Plans. The modifications incorporated into the 2021 extension cover a wide range of programs, including affordable housing preservation, manufactured housing and rural housing.
Both Fannie Mae and Freddie Mac released statements in response to the 2021 plan. “In 2021, Fannie Mae is proud to continue our Duty to Serve work in the manufactured housing, affordable housing preservation, and rural housing markets to support sustainable homeownership, safe rental communities, and innovative housing finance solutions in order to help more families have a place to call home,” said Jeffery Hayward, Fannie Mae’s executive vice president and chief administration officer.
“At Freddie Mac, we see Duty to Serve as more than a program – it is a central piece of our mission to make home possible for more Americans,” said Danny Gardner, Freddie Mac’s senior vice president, single-family client and community engagement. “Our efforts directly support the availability of mortgage financing and affordable rental housing during a challenging time for many families.”
NHC has advocated for the expansion of the Duty to Serve goals to include minority homeownership goals, with specific targets for individual racial and ethnic groups.