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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
Table 4. Low-Income Refinancing Goal 2019

2020

30.7"/o 21.0%

24.0%
21.0%

21.0%
21.0%

Fannie 1"le Performance Low-Income Refinance Mortgages Total Refinance Mortgages Low-Income% of Refinance Mortgages
196,230
629,816
31.2%

234,249
985,932
23.8%

663,667
3,133,931
21.2%

Freddie :Mac Performance Low-Income Refinance Mortgages Total Refinance Mortgages Low-Income% of Refinance Mortgages
104,843
384,593
27.3%

159,322
712,376
22.4%

490,176
2,485,748
19.7"/o
As shown in Table 4, both Enterprises exceeded the benchmark level for the low-income refinancing goal in 2018
and 2019. In 2020, Fannie Mae exceeded the benchmark level, while Freddie Mac did not. Fannie Mae exceeded the market levels for this goal in 2018 and 2020, but not in 2019.
Freddie Mac has trailed the market level each year from 2018 through 2020. As noted, 2020 data reflects FHFAs preliminary determination of Enterprise performance on this goal.
FHFA is proposing a benchmark level for the low-income refinancing goal of 26 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 current benchmark level of 21 percent, but on the lower end of the range of estimates for 2023 and 2024. FHFA is proposing a slightly lower benchmark level due to the unpredictability of future interest rates and refinancing volumes, which result in greater volatility in the low-income shares for refinancing mortgages than what is typical for the home purchase mortgage market. 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 refinancing goal is not feasible, then FHFA will take appropriate steps to adjust the benchmark level.
V. Multifamily Housing Goals khammond on DSKJM1Z7X2PROD with PROPOSALS

2018

A. Factors Considered in Setting the Proposed Multifamily Housing Goal Levels In setting the proposed benchmark levels for the multifamily housing goals, FHFA has considered the statutory factors outlined in Section 1333a4 of the Safety and Soundness Act. These factors include:

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2021

2022

2023

2024

21.0%
25.5%

26.1%

28.0%

28.9%

+!-

+!-

+!-

4.7"/o
6.0%

7.1%

+!7 1

1. National multifamily mortgage credit needs and the ability of the Enterprises to provide additional liquidity and stability for the multifamily mortgage market;
2. The performance and effort of the Enterprises in making mortgage credit available for multifamily housing in previous years;
3. The size of the multifamily mortgage market for housing affordable to low-income and very low-income families, including the size of the multifamily markets for housing of a smaller or limited size;
4. The ability of the Enterprises to lead the market in making multifamily mortgage credit available, especially for multifamily housing affordable to lowincome and very low-income families;
5. The availability of public subsidies;
and 6. The need to maintain the sound financial condition of the Enterprises.37
Unlike the single-family housing goals, performance on the multifamily housing goals is measured solely against a benchmark level set by FHFA, without any retrospective market measure. The absence of a retrospective market measure for the multifamily housing goals results, in part, from the lack of comprehensive data about the multifamily mortgage market. Unlike the single-family mortgage market, where HMDA provides a reasonably comprehensive dataset about singlefamily mortgage originations each year, the multifamily mortgage market and the affordable multifamily mortgage market segment has no comparable single, unified source with coverage extending across many years. As a result, it is difficult to correlate different datasets that rely on different reporting metrics.
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PO 00000

U.S.C. 4563a4.

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The lack of comprehensive data for the multifamily mortgage market is even more acute with respect to the segments of the market that are targeted to lowincome families, defined as families with incomes at or below 80 percent of AMI, and very low-income families, defined as families with incomes at or below 50 percent of AMI.
Another difference between the single-family and multifamily housing goals is that while there are separate single-family housing goals for home purchase and refinancing mortgages, the multifamily housing goals include all Enterprise multifamily mortgage purchases, regardless of the purpose of the loan. In addition, unlike the singlefamily housing goals, the multifamily housing goals are measured based on the total number of affordable units in properties financed by multifamily mortgage loans rather than on a percentage of affordable units in properties financed by multifamily mortgage loans. The use of total number of eligible units rather than percentages requires that FHFA take into account the expected size of the overall multifamily mortgage market and the affordable share of the market, as well as the expected volume of the Enterprises overall multifamily purchases in dollar terms and the affordable share of those purchases.
Methodology. FHFA sets the multifamily benchmark levels by estimating the minimum number of affordable rental units in multifamily properties financed by mortgage loans purchased by each Enterprise that would be needed to ensure a strong focus on affordability by the Enterprises in the proposed goal period. FHFA
achieves this by considering the required statutory factors, a number of which are related, as discussed below.
For the proposed 20222024 goal
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Pro_jected Forecast
IIlstorical Performance Year Actual Matket Benchllllllk Current Matket Forecast