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Enterprises’ announce 2021 underserved market plans

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Financial Stability
Friday, January 8, 2021
The Federal Housing Finance Agency (FHFA) announced the publication of Fannie Mae and Freddie Mac’s (the Enterprises) 2021 underserved market plans. The plans, issued under their Duty to Serve (DTS) programs, became effective Jan. 1, 2021.

“Under ordinary circumstances, each Enterprise would have submitted a three-year plan for 2021-2023 in accordance with the DTS mandate,” the FHFA said in a release. “Due to potential market disruption and uncertainty as a result of the COVID-19 pandemic, FHFA instructed the Enterprises to submit plans for one year (2021) only, as an extension of their 2018-2020 plans.”

The plans address how the Enterprises will serve markets relating to manufactured housing, rural housing, and affordable housing preservation by increasing liquidity of mortgage financing for very low-, low-, and moderate-income families.

“As our country continues to endure the health and economic hardships resulting from the COVID-19 pandemic, Fannie Mae’s mission to provide liquidity, stability, and affordability to the U.S. housing system is more important than ever,” Fannie Mae Executive Vice President and Chief Administration Officer Jeffery Hayward said in a release.

“In 2021, Fannie Mae is proud to continue our Duty to Serve work in the manufactured housing, affordable housing preservation, and rural housing markets to support sustainable homeownership, safe rental communities, and innovative housing finance solutions in order to help more families have a place to call home. We look forward to working with the Federal Housing Finance Agency, industry stakeholders, and our business partners to continue to support these underserved markets across the country.”

Fannie Mae’s plan is broken into three sections, each addressing the strategic priorities and objectives for each of the enumerated markets. Each section prioritizes research and analysis to better understand the challenges and potential solutions for the markets; testing and evaluating adjustments to the organization’s products and programs to better serve the markets within existing business activities, including engaging in pilot programs that will benefit these markets; working with traditional partners such as government agencies as well as looking for new partnerships with key stakeholders; and “doing what they do best” by preserving the affordability of housing by buying more mortgages and making targeted equity investments.

“At Freddie Mac, we see Duty to Serve as more than a program – it is a central piece of our mission to make home possible for more Americans,” Danny Gardner, Freddie Mac senior vice president, client and community engagement for single-family business, said.

For the manufactured home market, Freddie Mac’s DTS plan focuses on providing additional resources, such as enhanced product offerings, additional homebuyer education, and technical training for lenders.

To better serve the rural housing market, in addition to the above priorities, the organization plans to launch research products, collaborate with agencies such as the U.S. Department of Agriculture and U.S. Department of Housing and Urban Development, re-engage in the low-income housing tax credit equity market, and explore opportunities to promote more affordable housing options in rural areas.

In efforts to support affordable housing preservation, Freddie Mac said it anticipated supporting small financial institutions best positioned to help their communities by providing liquidity and working with them to make inroads in energy efficient housing. It also plans to promote shared-equity programs administered by community land trusts, non-profit organizations, and governmental entities.

“Our efforts directly support the availability of mortgage financing and affordable rental housing during a challenging time for many families,” Gardner said. “In the face of continued uncertainty, we believe our work within the mortgage ecosystem to support manufactured housing, affordable housing preservation and rural housing has never been more important.”

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