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Federal Register / Vol. 86, No. 246 / Tuesday, December 28, 2021 / Rules and Regulations Measuring multifamily goals. Several commenters suggested expressing the multifamily goals in percentages or dollar volumes instead of numbers of units. Those proposals are outside the scope of this rulemaking, and the final rule does not change how the multifamily goals are measured. FHFA
may consider changes to the structure or measurement of the multifamily housing goals in future rulemaking to establish multifamily benchmark levels for 2023 and beyond.
Duration of goals. A number of commenters recommended that FHFA
establish the housing goals more frequently than once every three years.
Several of these commenters urged FHFA to set the multifamily goal benchmark levels annually, rather than for three years as set forth in the proposed rule. One of these commenters stated that because the 20222024 goals are subject to the lasting uncertainty in housing markets due to the COVID19
pandemic, FHFA should issue one-year multifamily goal benchmark levels applicable to 2022. This commenter argued that a shorter goal duration could also mitigate the potential need for FHFA to adjust longer-term housing goal benchmark levels if unforeseen changes to market conditions arise.
Other commenters also recommended a one-year multifamily goal duration, stating that the proposed increases to the benchmark levels may be too high and the three-year time frame too long and may cause the Enterprises to act irrationally if the market dynamics change during the three-year period.
One commenter urged FHFA to set twoyear benchmark levels for both the single-family and multifamily goals. The commenter reasoned that because forecasts are more accurate in shorter time frames, two-year goals could allow for more aggressive, but feasible, benchmark levels within the upper range of loan purchase forecasts.
Small multifamily subgoal. FHFA
received several comment letters, including from Freddie Mac, supporting the proposed increase in the small multifamily housing goal benchmark level. Fannie Mae highlighted concerns around the proposed increase in the benchmark level and identified a potential need to change existing underwriting standards in order to meet the goal.
Other issues. A number of commenters raised concerns in response to the proposed rule that, while important to note, have limited implementation feasibility or relevance in the final housing goals rulemaking.
Additionally, commenters recommended changes to the proposed
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rule that are outside the scope of the housing goals, such as issues related to the Enterprises Senior Preferred Stock Purchase Agreements PSPA with the U.S. Department of Treasury, and recommendations for alignment with other regulatory requirements, such as the Community Reinvestment Act.
These comments are further discussed below.
i PSPA amendments. A number of commenters expressed general concern over the impact of the covenants added to the PSPA in January 2021 on Enterprise housing goals performance.
Several of the commenters recommended permanently suspending these covenants, which were temporarily suspended by the U.S.
Department of Treasury in September 2021, to best support communities of color and bolster Enterprise performance. One commenter stated that while FHFA has important safety and soundness responsibilities, those responsibilities should be exercised using supervisory authority rather than as part of the PSPA.
ii Equitable Housing Finance Plans.
Several commenters, including Fannie Mae, commended FHFAs efforts to support sustainable affordable housingspecifically, FHFAs requirement that the Enterprises prepare three-year Equitable Housing Finance Plans. The Enterprises Equitable Housing Finance Plans, due by December 31, 2021, will identify barriers to housing opportunities, list measurable objectives and meaningful goals, and describe plans for meaningful actions to reduce the racial homeownership gap. FHFA expects that the Equitable Housing Finance Plans, together with the new housing goals area-based subgoals structure, will contribute to promoting equitable and wide-reaching credit opportunities.
iii Disaster-related and climate change considerations. One commenter recommended explicitly including indicators for climate change and environmental justice into the formulation of Enterprise housing goals.
Citing apparent disproportionate effects of climate change on historically underserved communities, particularly those of color, the commenter pushed for consideration of environment-related risk into housing goal risk assessment.
The commenter asserted that FHFA
should take actions to support sustainable affordable housing initiatives in response to the risks posed by climate change to the housing finance market, and lowand moderateincome communities and communities of color in particular. FHFA has been actively engaging with industry
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stakeholders and working to evaluate climate and natural disaster risk management at the Enterprises and will continue to do so.9
iv Manufactured housing loans. The NPRM did not propose targets specific to the purchase of manufactured housing loans. One commenter urged FHFA to establish a new manufactured housing single-family subgoal based on the commenters claim that the Enterprises separate Duty to Serve plans and performance do not adequately support manufactured housing finance. Fannie Mae suggested that FHFA allow housing goals credit for rented units within manufactured housing communities.
FHFA recognizes the importance of manufactured housing as a significant source of affordable housing and homeownership. However, the final rule does not establish a new manufactured housing single-family subgoal and does not allow housing goals credit for rented units in manufactured housing communities. The multifamily Conservatorship Scorecard cap currently requires at least 50 percent of an Enterprises multifamily loan purchases to be mission-driven, affordable housing, including manufactured housing communities. In addition, the Enterprises proposed Duty to Serve plans include Enterprise manufactured home loan purchases for 20222024. FHFA will continue to evaluate the treatment of loans on manufactured housing communities and may consider changes in connection with the Enterprises Duty to Serve efforts.
FHFA also will consider providing additional guidance to the Enterprises to permit blanket loans on manufactured housing communities that meet certain conditions to count towards the multifamily housing goals on a case-bycase basis. It is difficult to accurately determine a manufactured housing units affordability under the housing goals because bedroom count information on individual manufactured housing units in the communities is typically not collected by the Enterprises, and the pad rent alone does not include the full cost of housing for the residents, which includes paying for their unit financing. Therefore, the practical question of how to determine housing costs and affordability, including how to adjust household size for the number of bedrooms in a unit to accurately apply the rent estimation alternative, cannot be answered at this time given available data.
9 See https www.fhfa.gov/Media/PublicAffairs/
Documents/Climate-and-Natural-Disaster-RFI.pdf.

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