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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
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Table 7. Small Multifamily Low-Income Subgoal Performance
2014

Year Small Low-Income Multifamily Benchmaik
2015

2016

2017

2018

2019

2020

6,000

8,000

10,000

10,000

10,000

10,000

Fannie Mae Performance Small Low-Income Multifamily Units
6,732

6,731

9,312

12,043

11,890

17,832

21,797

Total Small Multifamily Units
11,880

11,198

15,211

20,375

17,894

25,565

36,880

Low-Income % of Total Small Multifamily Units
56.7%

60.1%

61.2%

59.1%

66.4%

69.8"/o
59.1%

2,076

12,801

22,101

39,473

39,353

34,847

28,142

Total Small Multifamily Units
4,659

21,246

33,984

55,116

53,893

46,879

41,263

Low-Income % of Total Small Multifamily Units
44.6%

60.3%

65.0%

71.6%

73.0%

74.3%

68.2%

Freddie Mac Performance
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VI. Section-by-Section Analysis of Other Proposed Changes The proposed rule would also revise other provisions of the Enterprise housing goals regulation, as discussed below. These proposed changes are nonsubstantive technical changes intended to conform the housing goals regulation text to FHFAs established practices and procedures in implementing the housing goals.
FHFA welcomes comments on these technical changes and any other technical changes or corrections that are necessary. FHFA may include additional technical changes or corrections in its final rule based on comments received.
A. Definition of Designated Disaster AreaProposed 1282.1
Section 1282.1 of the current Enterprise housing goals regulation defines designated disaster area as any census tract that is located in a county designated by the Federal Government as adversely affected by a declared major disaster administered by FEMA, where individual assistance payments were authorized by FEMA.
While this definition accurately reflects the types of disasters that FHFA counts for purposes of calculating the disaster areas increment for the low-income areas housing goal, the definition does not reflect FHFAs longstanding practice regarding the types of assistance covered. The proposed rule would revise the definition of designated disaster area to refer to major disasters where housing assistance payments were authorized by FEMA.
This proposed change to the definition of designated disaster area would be consistent with longstanding FHFA practice. Each year, FHFA
identifies the areas that are considered designated disaster areas for purposes of the Enterprise housing goals in a dataset published on FHFAs website
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that can be used in conjunction with other information to determine whether mortgages purchased by an Enterprise would meet the criteria for the lowincome areas housing goal.57 In practice, FHFAs identification of designated disaster areas for purposes of the Enterprise housing goals has been limited to areas that the Federal Emergency Management Agency FEMA has identified as eligible for housing assistance under FEMAs Individual and Households Program IHP. Individual assistance is an umbrella term used by FEMA that encompasses a variety of types of assistance in addition to housing assistance under FEMAs IHP.
Individual assistance includes other types of assistance under FEMAs IHP, as well as disaster case management, disaster legal services, and disaster unemployment assistance, among others.58 If FHFA included all areas for which individual assistance payments were authorized by FEMA, it would result in areas being included as designated disaster areas where the relevant disaster did not have any significant direct impact on the physical housing stock. For example, if FHFA
had included all areas that FEMA
identified as eligible for individual assistance in 2020, every census tract in the United States would have been included as a designated disaster area for purposes of the housing goals in 2020 due to assistance related to the COVID19 pandemic. That outcome would have been inconsistent with the purposes of the low-income areas housing goal and with FHFAs longstanding practice. To avoid this 57 These datasets can be accessed at: https
www.fhfa.gov/DataTools/Downloads/Pages/
Underserved-Areas-Data.aspx.
58 Individual Assistance Program and Policy Guide IAPPG, Version 1.1, FP 10400903, May 2021, page 4, accessible at https www.fema.gov/
assistance/individual/program-policy-guide.

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outcome and to clarify the regulation with respect to FHFAs existing practice, the proposed rule would revise the definition of designated disaster area for purposes of the low-income areas housing goal to refer specifically to housing assistance rather than to the broader category of individual assistance.
B. Newly Available DataProposed Removal of 1282.15i Section 1282.15i of the current Enterprise housing goals regulation provides that an Enterprise is not required to use new data related to housing goals treatment of mortgages it purchases until the start of the quarter after it receives the data. This provision was adopted originally by the U.S.
Department of Housing and Urban Development HUD in its 1995 final rule establishing housing goals under the Safety and Soundness Act.59
However, this provision does not reflect FHFAs longstanding practice of independently calculating each Enterprises housing goals performance on the basis of data provided to FHFA
by the Enterprise. For example, FHFA
determines the AMIs applicable to each census tract on an annual basis and provides that information to the Enterprises in the first half of each year.
However, in calculating Enterprise housing goals performance for that year, FHFA applies the new data to all mortgage purchases in that year.
Accordingly, the proposed rule would remove 1282.15i to avoid any implication that the housing goals regulation requires a particular method of calculating or applying affordability data such as AMIs. This proposed change is non-substantive and does not reflect or require any change in any of 59 See 60 FR 61846 Dec. 1, 1995. Prior to the creation of FHFA in 2008, HUD was responsible for mission oversight of Fannie Mae and Freddie Mac, including the affordable housing goals.

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Small Low-Income Multifamily Units