Federal Register - August 25, 2021
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Source: Federal Register
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Federal Register / Vol. 86, No. 162 / Wednesday, August 25, 2021 / Proposed Rules
Table 5. Multifamily Low-Income Housing Goal Performance
2014
2015
2016
2017
2018
2019
2020
Fannie Mae Benchmark
250,000
300,000
300,000
300,000
315,000
315,000
315,000
Freddie Mac Benchmark
200,000
300,000
300,000
300,000
315,000
315,000
315,000
Low-Income Multifamily Units
262,050
307,510
352,368
401,145
421,813
385,763
441,m
Total Multifamily Units
372,072
468,798
552,785
630,868
628,230
596,137
637,696
70.4%
65.6%
63.7"/o
63.6%
67.1%
64.7"/o
69.3%
Low-Income Multifamily Units
273,434
379,042
406,958
408,096
474,062
455,451
473,338
Total Multifamily Units
366,377
514,275
597,399
630,037
695,587
661,417
667,451
74.6%
73.7"/o
68.1%
64.8%
68.2%
68.9%
70.9%
Year
Fannie Mae Performance
Low-Income % Total Freddie Mac Performance
Low-Income % of Total Units
2. Multifamily Very Low-Income Housing Subgoal The multifamily very low-income housing subgoal includes units affordable to very low-income families, defined as families with incomes no greater than 50 percent of AMI.
Both Enterprises have exceeded the multifamily very low-income housing subgoal by significant margins in recent
years. Taking into account the Conservator Scorecard cap and PSPA
limits, as well as the multifamily mortgage market conditions described above, FHFA is proposing to raise the multifamily low-income housing subgoal benchmark level to 88,000 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 subgoal and the current loan purchase volumes that would be permitted for the Enterprises under the applicable Conservatorship Scorecard cap and PSPA limits.
Table 6. Multifamily Very Low-Income Subgoal Performance Year
2014
2015
2016
2017
2018
2019
2020
Fannie Mae Benchmark
60,000
60,000
60,000
60,000
60,000
60,000
60,000
Freddie Mac Benchmark
40,000
60,000
60,000
60,000
60,000
60,000
60,000
Fannie Mae Performance Very Low-Income Multifamily Units
60,542
69,078
65,910
82,674
80,891
79,649
95,416
Total Multifamily Units
372,072
468,798
552,785
630,868
628,230
596,137
637,696
16.3%
14.7"/o
11.9%
13.1%
12.9%
13.4%
15.0%
Very Low-Income% of Total Units
48,689
76,935
73,030
92,274
105,612
112,773
107,105
Total Home Purchase Mortgages
366,377
514,275
597,399
630,037
695,587
661,417
667,451
13.3%
15.0%
12.2%
14.6%
15.2%
17.1%
16.0%
Very Low-Income% of Total Units
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3. Small Multifamily Low-Income Housing Subgoal The Enterprise housing goals regulation defines a small multifamily property as a property with 5 to 50
units. The small multifamily lowincome housing subgoal is based on the total number of units in small multifamily properties financed by mortgages purchased by the Enterprises that are affordable to low-income families, defined as families with
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incomes less than or equal to 80 percent of AMI.
This subgoal was created in the 2015
2017 housing goals rulemaking, and initially set at 6,000 units in 2015, gradually increasing to 10,000 units in 2017. Monitoring trends in this multifamily market segment is challenging, and there is evidence that small multifamily properties were hit particularly hard in 2020 as a result of the pandemic. FHFA is proposing to raise the benchmark level for this
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subgoal to 23,000 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 subgoal 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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Very Low-Income Multifamily Units
EP25AU21.006
Freddie Mac Performance
