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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
47401

multifamily goal and subgoals for 2022
2024 as follows:

Goal
Criteria
Low-Income Goal

affordable to families with incomes no greater than 80 percent of AMI in multifamily rental properties with mortgages purchased by an Enterprise.
affordable to families with incomes no greater than 50 percent of AMI in multifamily rental properties with mortgages purchased by an Enterprise.
affordable to families with incomes no greater than 80 percent of AMI in small multifamily rental properties 5 to 50 with mortgages purchased by an Enterprise.

Very Low-Income Subgoal
Small Multifamily Low-Income Subgoal

C. Other Proposed Changes The proposed rule would make minor technical changes to some regulatory definitions and counting rules. These changes would be non-substantive changes intended to conform the regulation to existing FHFA practices in measuring the performance of the Enterprises under the housing goals.

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Current benchmark level for 2021
units
D. Summary of Responses to the ANPR
and Public Listening Session In December 2020, FHFA published an Advance Notice of Proposed Rulemaking ANPR requesting public comment on several questions related to potential changes to the Enterprise housing goals regulation.15 FHFA
invited comments in the ANPR on four specific questions identified below, as well as on any other issues that commenters thought should be addressed as part of the rulemaking to establish the housing goals benchmark levels for 2022 and beyond.
FHFA also held a public listening session in March 2021 to solicit additional input on the Enterprise housing goals regulation. FHFA
received 16 letters in response to the ANPR and heard from 12 external speakers during the listening session.
The comments provided through the letters and by the speakers addressed a range of topics related to the Enterprise housing goals and access to mortgages for low-income borrowers. FHFA
appreciates the time and effort that commenters put into responses and has incorporated elements of the feedback received into the proposed rule. Some of the topics raised in the comments require further research or analysis, and FHFA may consider these issues in future rulemaking cycles. A summary of the comments received is included below. All comments received, as well as the transcript of the public listening 15 See
85 FR 82965 Dec. 21, 2020.

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16:13 Aug 24, 2021

Jkt 253001

Proposed benchmark level for 20222024
units
315,000

415,000

60,000

88,000

10,000

23,000

session, are available at FHFAs website.16
Question 1: Are there categories of loans that should be excluded from receiving housing goals credit under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992
Safety and Soundness Act provisions on unacceptable business and lending practices?
Numerous commenters opposed excluding loans from receiving housing goals credit because of certain credit or underwriting features like loan-to-value or debt-to-income ratios. Several commenters stressed their belief that loans that meet safety and soundness standards and are eligible for purchase by the Enterprises should be eligible for housing goals credit. In addition, many of the commenters argued that loans that are eligible for Qualified Mortgage QM status should also be eligible for housing goals credit. Two commenters stressed that FHFA should not exclude particular categories of loans from receiving housing goals credit unless the performance of the loan products is unsustainable. Other commenters supported excluding certain loans from receiving housing goals credit. For example, one commenter argued that mortgages with loan-level pricing adjustments should not receive credit.
Another commenter recommended that FHFA require the Enterprises to use a historical mortgage default rate matrix to limit certain types of acquisitions.
Several commenters expressed concerns about the January 2021
amendments to the Senior Preferred Stock Purchase Agreements between the Enterprises and the U.S. Department of the Treasury PSPAs, which place new limits on risk-layering in loans eligible for purchase by the Enterprises. The commenters stressed the potential
negative impact the amendments to the PSPAs could have on communities and borrowers of color and encouraged FHFA to evaluate the effect of the new restrictions on the housing goals. The commenters also requested that FHFA
provide more data on the impact of the housing goals by income and race or ethnicity in light of the changes to the PSPAs. One commenter requested that FHFA conduct annual evaluations of how its policies, including the PSPAs, impact the ability of the Enterprises to meet the housing goals and satisfy their charter missions. Several commenters raised concerns about the Enterprises ability to meet the housing goals in light of FHFAs recently adopted capital regulation, which they believe will increase mortgage costs and, in turn, decrease access to mortgage credit for lower-income or lower-wealth borrowers and borrowers of color.
Question 2: Are there ways to determine whether the low-income areas home purchase subgoal has resulted in the displacement of residents from certain communities, or to measure the extent of any such displacement?
Should FHFA consider modifying the low-income areas home purchase subgoal to address such concerns? If so, how?
FHFA provided an analysis of whether the low-income areas home purchase subgoal has resulted in the displacement of residents from certain communities in the ANPR based on HMDA data. The data showed that both low-income areas and high-minority areas have increasing shares of borrowers with incomes at or above 100
percent of AMI.17 The data also showed that the share of loans made to borrowers with incomes greater than 100 percent of AMI and residing in lowincome census tracts increased from
16 See https www.fhfa.gov/Videos/Pages/FHFAPublic-Listening-Session-Enterprise-Housing-GoalsANPR.aspx.

17 Note that loans to borrowers with incomes over 100 percent of AMI do not qualify for the minority areas component of the subgoal.

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