NAR submitted comments to the Federal Housing Finance Agency (FHFA) regarding Fannie Mae and Freddie Mac’s (the GSEs) Duty to Serve Plans. FHFA requires the GSEs submit plans in three-year increments about how they are going to serve traditionally underserved markets, especially for rural housing, manufactured housing, and very low-, low-, and moderate-income consumers. The proposed plans align closely with NAR policy, and we thank FHFA and the GSEs for continuing to explore and execute plans to help underserved markets.
We especially applaud their dedication to multifamily housing in rural communities, dealing with issues surrounding heirs’ property, energy efficiency upgrades, and Low-Income Housing Tax Credit (LIHTC) investments. We also suggest that FHFA explore ways that the GSEs can provide funds for condominium complexes that have significant deferred maintenance. This will help to not only preserve and strengthen current housing stock, but also repair complexes and bring them in compliance with GSE lending standards. This will create safer housing while also making more complexes open to conventional lending.
Read the Letter
