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Digested from “2015-2017 Housing Goals for Fannie Mae and Freddie Mac Finalized”
JD Supra Business Advisor (9/11/15) Meyer, Emily
Freddie Mac and Fannie Mae received approved 2015-2017 goals from the Federal Housing Finance Agency (FHFA) last month. The goals include doubling their low-income multifamily goals to 300,000 apartment homes. That benchmark reflects a 50,000-unit increase for Fannie Mae and a 100,000-unit increase for Freddie Mac over 2014. It also includes a target of 60,000 units each for very low-income families, up 20,000 from 2014 for Freddie Mac.
Also, goals on mortgage purchases on small multifamily properties affordable to low-income families were revised to 6,000 units in 2015, 8,000 units in 2016 and 10,000 units in 2017. The single-family low-income home purchase target will increase 1 percentage point to 24 percent each year for the three-year time frame. The single-family very low-income home purchases goal, however, will decrease 1 percentage point to 6 percent each year from 7 percent in 2014.
The rule will become effective Oct. 3.
Learn about the perks and benefits of working in residential property management and some of the reasons the industry provides career growth, stability and endless opportunities.