In Case You Missed It: A Look at Recent National Housing Policy News

FHFA Requests Public Input on Fannie Mae and Freddie Mac's Proposed Underserved Markets Plans for Duty to Serve Program 

The Federal Housing Finance Agency (FHFA) has announced that it is requesting public input on Fannie Mae and Freddie Mac's (the Enterprises) proposed Underserved Markets Plans under the Duty to Serve program. FHFA issued a final rule on Dec. 13, 2016 to implement the Duty to Serve provisions mandated by the Housing and Economic Recovery Act of 2008.  The statute requires the Enterprises to serve three specified underserved markets – manufactured housing, affordable housing preservation, and rural housing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families. The rule requires each Enterprise to adopt a three-year Underserved Markets Plan to fulfill this mandate.  FHFA requests public input on the Enterprises' proposed Underserved Markets Plans through its dedicated webpage, www.FHFA.gov/DTS, by July 10, 2017.

GSE Duty to Serve Plans Include Proposals to Work with HFAs; Potential Housing Credit Investments 

The Federal Housing Finance Agency (FHFA) released Fannie Mae and Freddie Mac's proposed Underserved Market Plans (the Plans). The purpose of these plans is for each firm to explain how it intends to carry out its duties as outlined by FHFA's Enterprise Duty to Serve rule. As NCSHA previously reported, the Duty to Serve rule requires Fannie Mae and Freddie Mac to support lending for housing for very low-, low-, and moderate-income families (those earning 100 percent of area median income or below) in three underserved segments of the housing finance market: manufactured housing, affordable housing preservation, and rural areas. For each underserved market segment, the Rule outlines a number of activities that the GSEs may support to fulfill their Duty to Serve Obligations. The Underserved Market Plans outline which of the activities described under the Duty to Serve Rule Fannie Mae and Freddie Mac intend to pursue over the next three years (2018-2020) to support housing in the specified markets. Both Plans can be viewed on a special website FHFA has established that focuses on the Duty to Serve rule.

Senate Banking Committee Discusses Housing Finance Reform with FHFA Director Watt 

The Senate Banking Committee held a hearing to examine the status of the housing finance system and the role in it of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. This is the first in a series of hearings the Committee is expected to hold this year as it works on housing finance reform legislation.