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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
efforts to meet the goal or subgoal would result in the constraint of liquidity, over-investment in certain market segments, or other consequences contrary to the intent of the Safety and Soundness Act or the purposes of the Enterprises charter acts.13
The Safety and Soundness Act and the Enterprise housing goals regulation also take into account the possibility that achievement of a particular housing goal may or may not have been feasible for an Enterprise to achieve. If FHFA
determines that a housing goal was not feasible for an Enterprise to achieve, then the statute and regulation provide
for no further enforcement of that housing goal for that year.14
If FHFA determines that an Enterprise failed to meet a housing goal and that achievement of the housing goal was feasible, then the statute and regulation provide FHFA with discretionary authority to require the Enterprise to submit a housing plan describing the specific actions the Enterprise will take to improve its housing goals performance.
C. Housing Goals Under Conservatorship On September 6, 2008, FHFA placed each Enterprise into conservatorship.
Although the Enterprises remain in
III. Summary of Proposed Rule A. Benchmark Levels for the SingleFamily Housing Goals This proposed rule would establish the benchmark levels for the existing single-family housing goals for 2022
2024 as follows:
Current benchmark level for 2021
percent
Goal
Criteria
Low-Income Home Purchase Goal

Home purchase mortgages on single-family, owner-occupied properties, to borrowers with incomes no greater than 80 of area median income AMI.
Home purchase mortgages on single-family, owner-occupied properties, to borrowers with incomes no greater than 50 of AMI.
Refinancing mortgages on single-family, owner-occupied properties, to borrowers with incomes no greater than 80 of AMI.

Very Low-Income Home Purchase Goal
Low-Income Refinancing Goal

The proposed rule would replace the existing low-income areas subgoal with two new area-based subgoals and corresponding benchmark levels.
Implementation of the two new subgoals would modify the methodology for measuring the Enterprises performance in these areas. The first of the proposed subgoals would establish a benchmark
level for Enterprise purchases of mortgage loans on properties in minority census tracts, made to borrowers with incomes no greater than 100 percent of AMI. The second of the proposed subgoals would establish a benchmark level for Enterprise purchases of i mortgage loans on properties in low-income census tracts
Proposed benchmark level for 20222024
percent
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that are not minority census tracts, as well as ii mortgage loans on properties in low-income census tracts that are minority census tracts, made to families with incomes greater than 100 percent of AMI. The proposed rule would establish the new subgoal benchmark levels for 20222024 as follows:
Proposed benchmark level for 20222024
percent
Subgoal
Criteria
Minority Census Tracts Subgoal

Home purchase mortgages on single-family, owner-occupied properties to borrowers with income no greater than 100 percent of AMI in minority census tracts.1
i Home purchase mortgages on single-family, owner-occupied properties to borrowers regardless of income in low-income census tracts2 that are not minority census tracts, and ii home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes greater than 100 percent of AMI in low-income census tracts that are also minority census tracts.

Low-Income Census Tracts Subgoal

1 Census 2 Census khammond on DSKJM1Z7X2PROD with PROPOSALS

conservatorship at this time, they continue to have the mission of supporting a stable and liquid national market for residential mortgage financing. FHFA has continued to establish annual housing goals for the Enterprises and to assess their performance under the housing goals each year during conservatorship.

tracts that have a minority population of at least 30 percent and a median income of less than 100 percent of AMI.
tracts where the median income is no greater than 80 percent of AMI.

In addition, FHFA will continue to establish by notice to the Enterprises an annual benchmark level for the lowincome areas housing goal that takes into account loans from disaster areas.
The proposed rule would make one 13 See
12 CFR 1282.14d.

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clarifying change to the definition of designated disaster area, as described below.

14 See
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B. Proposed Benchmark Levels for the Multifamily Housing Goals The proposed rule would establish the benchmark levels for the
12 CFR 1282.21a; 12 U.S.C. 4566b.

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