Federal Register - August 25, 2021
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Source: Federal Register
47409
Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules income areas housing goal that will include mortgages to families with incomes less than or equal to 100
percent of AMI who are located in federally declared disaster areas.36 The proposed rule would define the lowincome areas housing goal to be the sum of i the benchmark level for the new minority census tracts subgoal, ii the benchmark level for the new low-
income census tracts subgoal, and iii a disaster areas increment set in accordance with existing practice.
Because the minority census tracts subgoal and the low-income census tracts subgoal are defined with no overlap between them, the proposed definition of the overall low-income areas housing goal is exactly equivalent to the current low-income areas housing
goal. The disaster low-income areas housing goal benchmark level is set annually by FHFA separately from this rulemaking. Each year, FHFA notifies the Enterprises by letter of the benchmark level for that year, and this practice will continue.
The tables below provide recent performance of both Enterprises in these subgoal areas.
Recent performance percent
Minority census tracts subgoal 2018
Market
Fannie Mae Performance
Freddie Mac Performance
2019
9.0
11.0
9.0
2020
9.2
10.7
9.5
9.2
10.1
9.2
Source: FHFAs tabulation of Home Mortgage Disclosure Act HMDA and Enterprises data.
Recent performance percent
Low-income census tracts subgoal 2018
Market
Fannie Mae Performance
Freddie Mac Performance
2019
9.1
9.1
8.3
2020
8.9
8.8
8.5
8.5
8.3
8.0
Source: FHFAs tabulation of Home Mortgage Disclosure Act HMDA and Enterprises data.
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The proposed rule would establish the benchmark level for the minority census tracts subgoal at 10 percent. This proposed benchmark level is slightly higher than the Enterprises recent performance, when measured as if the proposed subgoal had been in place.
FHFA is proposing this higher benchmark level to ensure that the Enterprises are targeting the needs of communities of color and to emphasize the importance of improving access to credit in these communities.
The proposed rule would establish the benchmark level for the low-income census tracts subgoal at 4 percent. This proposed benchmark level is lower than
the Enterprises recent performance, when measured as if the proposed subgoal had been in place. FHFA is proposing this lower benchmark level due to concerns about incentivizing purchases of loans to higher-income borrowers in low-income areas.
However, this proposed benchmark level is intended to encourage the Enterprises to continue providing critically needed access to credit in lowincome areas.
FHFA believes that the proposed benchmark levels for each of the new area-based subgoals are feasible and would not be disruptive to the market.
FHFA specifically requests comments
on the new proposed subgoal structure and the proposed benchmark levels.
4. Low-Income Refinancing Goal The low-income refinancing goal is based on the percentage of all singlefamily, owner-occupied refinance mortgages purchased by an Enterprise that are for low-income families, defined as families with incomes less than or equal to 80 percent of AMI. The proposed rule would set the annual lowincome refinancing housing goal benchmark level for 2022 through 2024
at 26 percent.
36 Disaster declarations are listed on the FEMA
website at https www.fema.gov/disasters.
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