June 17, 2022 |
Updated June 17, 2022
The Equitable Housing Finance Plan for 2022-2024 aims to provide equitable access to affordable housing.
On June 8, the Federal Housing Finance Agency (FHFA) announced the release of Fannie Mae’s and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plan for 2022-2024 to provide and promote equitable access to affordable and sustainable housing.
Why This Matters
The plans aim to address barriers experienced by renters, aspiring homeowners and current homeowners—particularly in Black and Latino communities. The multifamily specific plans cover a number of topics that could have direct effects on the industry—including housing affordability, credit equity, resident and owner/operator protections.
Our Next Steps
NAA and NMHC will work directly with the Enterprises as they develop and implement their respective equitable housing finance plans and will follow up with members as additional action is taken.
Freddie Mac proposes extensive changes to increase equity and access within the rental housing industry. Their far-reaching plan incorporates many of the goals that NAA and NMHC support. In creating the plan, Freddie Mac identified five barriers to equitable housing. To address these barriers, Freddie plans to create and expand on current affordability, sustainability, development and capital programs that would have a direct impact on renter and property owner outcomes.
Fannie Mae’s plan is centered on homeownership and, specifically, the Black housing journey. Of note for the apartment industry, rental housing was incorporated in their “Housing Preparation” stage as a means for establishing credit.