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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
the processes or standards that FHFA
uses to determine Enterprise housing goals performance each year.

proposes to amend part 1282 of Title 12
of the Code of Federal Regulations as follows:

C. Loan ModificationsProposed Removal of 1282.16c10
Section 1282.16c10 of the current Enterprise housing goals regulation provides that the permanent modification of a mortgage under the Home Affordable Modification Program HAMP is counted as a refinancing for purposes of the low-income refinancing goal. Permanent loan modifications under HAMP are the only type of loan modification eligible for counting for purposes of the low-income refinancing goal. The HAMP modification program expired at the end of 2016. The proposed rule would remove 1282.16c10 from the housing goals regulation as it is no longer necessary in light of the expiration of the HAMP
modification program.

CHAPTER XIIFEDERAL HOUSING
FINANCE AGENCY

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VII. Paperwork Reduction Act The proposed rule would not contain any information collection requirement that would require the approval of the Office of Management and Budget OMB under the Paperwork Reduction Act 44 U.S.C. 3501 et seq.. Therefore, FHFA has not submitted the proposed rule to OMB for review.
VIII. Regulatory Flexibility Act The Regulatory Flexibility Act 5
U.S.C. 601 et seq. requires that a regulation that has a significant economic impact on a substantial number of small entities, small businesses, or small organizations must include an initial regulatory flexibility analysis describing the regulations impact on small entities. Such an analysis need not be undertaken if the agency has certified that the regulation will not have a significant economic impact on a substantial number of small entities. 5 U.S.C. 605b. FHFA has considered the impact of the proposed rule under the Regulatory Flexibility Act. FHFA certifies that the proposed rule, if adopted as a final rule, will not have a significant economic impact on a substantial number of small entities because the rule applies to Fannie Mae and Freddie Mac, which are not small entities for purposes of the Regulatory Flexibility Act.
List of Subjects in 12 CFR Part 1282
Mortgages, Reporting and recordkeeping requirements.
Authority and Issuance For the reasons stated in the Preamble, under the authority of 12
U.S.C. 4511, 4513, and 4526, FHFA

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SUBCHAPTER EHOUSING GOALS
AND MISSION
PART 1282ENTERPRISE HOUSING
GOALS AND MISSION
1. The authority citation for part 1282
continues to read as follows:

Authority: 12 U.S.C. 4501, 4502, 4511, 4513, 4526, 45614566.

2. Amend 1282.1 by revising the definition of Designated disaster area to read as follows:

1282.1

Definitions.

Designated disaster area means 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 housing assistance payments were authorized by FEMA. A census tract shall be treated as a designated disaster area for purposes of this part beginning on the January 1 after the FEMA designation of the county, or such earlier date as determined by FHFA, and continuing through December 31 of the third full calendar year following the FEMA designation.
This time period may be adjusted for a particular disaster area by notice from FHFA to the Enterprises.

3. Amend 1282.12 as follows:
a. Revise paragraphs c2, d2, e2, and f;
b. Redesignate paragraph g as paragraph h;
c. Add new paragraph g; and d. Revise newly redesignated paragraph h2. The revisions and additions read as follows:
1282.12

Single-family housing goals.

c
2 The benchmark level, which for 2022, 2023, and 2024 shall be 28
percent of the total number of purchase money mortgages purchased by that Enterprise in each year that finance owner-occupied single-family properties.
d
2 The benchmark level, which for 2022, 2023, and 2024 shall be 7 percent of the total number of purchase money mortgages purchased by that Enterprise in each year that finance owneroccupied single-family properties.
e

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2 A benchmark level which shall be set annually by FHFA notice based on the sum of the benchmark levels for the low-income census tracts housing subgoal and the minority census tracts housing subgoal, plus an adjustment factor reflecting the additional incremental share of mortgages for moderate-income families in designated disaster areas in the most recent year for which such data is available.
f Low-income census tracts housing subgoal. The percentage share of each Enterprises total purchases of purchase money mortgages on owner-occupied single-family housing that 1 Consists of:
i Mortgages in low-income census tracts that are not minority census tracts; and ii Mortgages for families with incomes in excess of 100 percent of the area median income in low-income census tracts that are also minority census tracts;
2 Shall meet or exceed either:
i The share of such mortgages in the market as defined in paragraph b of this section in each year; or ii The benchmark level, which for 2022, 2023, and 2024 shall be 4 percent of the total number of purchase money mortgages purchased by that Enterprise in each year that finance owneroccupied single-family properties.
g Minority census tracts housing subgoal. The percentage share of each Enterprises total purchases of purchase money mortgages on owner-occupied single-family housing that consists of mortgages for moderate-income families in minority census tracts shall meet or exceed either:
1 The share of such mortgages in the market as defined in paragraph b of this section in each year; or 2 The benchmark level, which for 2022, 2023, and 2024 shall be 10
percent of the total number of purchase money mortgages purchased by that Enterprise in each year that finance owner-occupied single-family properties.
h
2 The benchmark level, which for 2022, 2023, and 2024 shall be 26
percent of the total number of refinancing mortgages purchased by that Enterprise in each year that finance owner-occupied single-family properties.
4. Amend 1282.13 by revising paragraphs b through d to read as follows:
1282.13 Multifamily special affordable housing goal and subgoals.

b Multifamily low-income housing goal. The benchmark level for each
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