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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules loan purchases be mission-driven, affordable housing. Multifamily loans considered to be mission-driven, affordable include: Subsidized/assisted affordable housing; manufactured housing communities; affordable units in small multifamily properties;
affordable properties in rural areas;
affordable units in seniors housing assisted living properties; and market rate units affordable to residents at or below 80 percent of AMI. Furthermore, the 2021 Conservatorship Scorecard requires that a minimum of 20 percent of Enterprise multifamily loan purchases be affordable to residents at 60 percent of AMI or below. Multifamily loan purchases that meet the minimum 20 percent requirement may also count as loan purchases that meet the minimum 50 percent requirement.55 56
In addition to the Conservatorship Scorecard cap, FHFA also incorporated the January 2021 PSPA requirements when determining appropriate multifamily benchmarks for 20222024.
These requirements include a PSPA cap of $80 billion over the prior 52-week period, which is greater than the current Conservatorship Scorecard cap for 2021
and places an upper bound on Enterprise share. FHFA will continue to review its estimates of market size and mission-driven requirements throughout the year. FHFA may take appropriate action to adjust the multifamily housing goals benchmark levels should changes to the Conservatorship Scorecard cap, the PSPAs, or other market conditions A: Multifamily Definitions to the 2021 Scorecard, November 17, 2020: https
www.fhfa.gov/Media/PublicAffairs/PublicAffairs Documents/2021-Appendix-A.pdf.
56 2021 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions, February 2021: https www.fhfa.gov/AboutUs/Reports/
ReportDocuments/2021-Scorecard.pdf.

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warrant an adjustment, whether in 2021
or in future years.
Maintaining the sound financial condition of the Enterprises. In setting the proposed multifamily housing goals benchmark levels, FHFA must balance the role that the Enterprises play in providing liquidity and supporting various multifamily mortgage market segments with the need to maintain the Enterprises in sound and solvent financial condition. The Enterprises have served as a stabilizing force in the multifamily mortgage market. During the conservatorship period, the Enterprises portfolios of loans on multifamily affordable housing properties have experienced low levels of delinquency and default, similar to the performance of multifamily loans on market rate properties. The Enterprises, therefore, should be able to sustain or increase their volume of purchases of loans on affordable multifamily housing properties without impacting the Enterprises safety and soundness or negatively affecting the performance of their total mortgage loan portfolios.
FHFA continues to monitor the activities of the Enterprises in FHFAs capacity as safety and soundness regulator and as conservator. If necessary, FHFA will make appropriate changes in the multifamily housing goals benchmark levels to ensure the Enterprises continued safety and soundness.
B. Proposed Multifamily Housing Goals Benchmark Levels Based on FHFAs consideration of the statutory factors described above and the performance of the Enterprises described in this section, the proposed rule would establish benchmark levels for the multifamily housing goals for the Enterprises, as further discussed below.
Before finalizing the benchmark levels
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for the low-income and very lowincome multifamily goals in a final rule, FHFA will review any additional data that becomes available about the multifamily housing goals performance of the Enterprises through 2020, any additional information about the Conservatorship Scorecard cap for 2022
that is available, and any other information about the multifamily mortgage market or other factors, along with any comments on the proposed multifamily housing goals benchmark levels.
1. Multifamily Low-Income Housing Goal The multifamily low-income housing goal is based on the total number of rental units in multifamily properties financed by mortgages purchased by the Enterprises that are affordable to lowincome families, defined as families with incomes less than or equal to 80
percent of AMI.
Both Enterprises have exceeded the low-income multifamily housing goal by significant margins in recent years.
Taking into account the Conservator Scorecard cap and PSPA limits, as well as the multifamily market conditions described above, FHFA is proposing to raise the multifamily low-income housing goal benchmark level to 415,000 units for 20222024. This proposed benchmark level would be a significant increase over the benchmark level that has been in place since 2018.
FHFA believes that this proposed increase is appropriate and achievable for the Enterprise in light of the past performance of the Enterprises on this housing goal and the current loan purchase volumes that would be permitted for the Enterprises under the applicable Conservatorship Scorecard cap and PSPA limits.

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