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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
Like the low-income home purchase market levels, the very low-income home purchase market levels have increased steadily since a low in 2016
of 5.4 percent. FHFAs current model forecasts that the market for this goal in 2020 will continue to increase and end up between 6.5 and 8.1 percent. From 2022 through 2024, the proposed goal period, the current forecast is expected to decline slightly from these peaks and stay between 6.4 and 6.8 percent for each of the three years. This forecast is based on the latest data available and will be updated before the release of the final housing goals rule.
FHFA is proposing a benchmark level for the very low-income home purchase goal of 7 percent, which is close to the market forecast and well within the confidence interval for each year. This proposed benchmark level is an increase from the benchmark level of 6 percent that has been in place each year since 2015. FHFA is proposing a slightly higher benchmark level in order to encourage the Enterprises to continue to find ways to support very low-income borrowers without compromising safe and sound lending standards. FHFA
recognizes that there may be challenges to meeting the goal, particularly in light of the recovery from the global pandemic. FHFA will continue to monitor the Enterprises in its capacities as regulator and as conservator, and if FHFA determines that the benchmark level for the low-income home purchase
goal is not feasible for the Enterprises to achieve in light of market conditions, or for any other reason, FHFA will take appropriate steps to adjust the benchmark level.
3. Proposed Area-Based Subgoals The proposed rule would establish two new area-based subgoals, each with its own benchmark level. The new minority census tracts subgoal would specifically assess the Enterprises performance in minority areas with respect to loans for families with incomes no greater than 100 percent of AMI. The new low-income census tracts subgoal would assess the Enterprises performance in low-income census tracts. The low-income census tracts subgoal would not include any loans that would qualify for the minority census tracts subgoal. In other words, the low-income census tracts subgoal would be limited to: 1 Loans in lowincome census tracts that are not minority census tracts, and 2 loans to borrowers above 100 percent of AMI in low-income census tracts that are also minority census tracts. The two proposed subgoals would replace the existing low-income areas home purchase subgoal and address some of the issues that FHFA previously identified in the 20182020 proposed rule as well as in Question 2 of the recent ANPR 2020 discussed in Section III.D. above.35
The previous subgoal structure allowed the Enterprises to count all
Subgoal
Minority Census Tracts Subgoal.
Low-Income Census Tracts Subgoal.
Minority Census Tracts Subgoal.
1 Census
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2 Census
single-family, owner-occupied home purchase mortgages purchased that were either: 1 For families in low-income areas, defined to include census tracts with median income less than or equal to 80 percent of AMI; or 2 for families with incomes less than or equal to AMI
who reside in minority census tracts defined as census tracts with a minority population of at least 30 percent and a tract median income of less than 100
percent of AMI. As a result, borrowers could qualify under either or both conditions. Over the years, this has meant that many goal-qualifying loans purchased by the Enterprises were for higher income families over 100
percent of AMI rather than for families at or below 100 percent of AMI. The proposed rule would modify the previous structure and refocus Enterprise efforts towards minority census tracts and families at or below 100 percent of AMI. The new subgoal structure would require the Enterprises to achieve both of the new subgoal benchmark levels each year. FHFA will continue to establish the overall lowincome areas housing goal on an annual basis by adding together the benchmark levels for the minority census tracts subgoal and the low-income census tracts subgoal, along with the disaster areas increment determined by FHFA
each year.
The proposed rule would establish the benchmark levels for the new subgoals for 20222024 as follows:
Proposed benchmark level for 20222024
percent
Criteria
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 tracts 2 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.
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.

10
4

10

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.

FHFA recognizes that, in the past, some loans acquired by the Enterprises were from locations considered both minority and low-income census tracts and, as a result, would have been counted under either criterion. The proposed rule would define the new subgoals so that a loan could not be counted under both of the new subgoals.
Under the proposed rule, for loans
purchased from areas that meet the criteria for both minority and lowincome census tracts, the borrowers AMI would determine under which subgoal the loan would be eligible. If the borrowers income is less than or equal to 100 percent of AMI, the loan would be counted towards the minority census tracts subgoal, and if the borrowers income is above 100 percent of AMI, the
35 See https www.fhfa.gov/
SupervisionRegulation/Rules/Pages/Enterprise-

Housing-Goals-Advance-Notice-of-ProposedRulemaking.aspx.

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loan would be counted towards the lowincome census tracts subgoal. FHFA
believes that requiring the Enterprises to specifically and separately target loans for families living in minority and lowincome census tracts will result in better and more transparent reporting on both of these categories.
FHFA will continue to set a benchmark level for the overall low-

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