The Federal Housing Finance Agency (FHFA) recently announced the release of Fannie Mae’s and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plans for 2022-2024, according to a FHFA release.
These plans are designed to complement the initiatives outlined in FHFA’s Strategic Plan: Fiscal Years 2022–2026 that promote the Enterprises’ safety and soundness and foster housing finance markets that provide equitable access to affordable and sustainable housing.
“The Equitable Housing Finance Plans represent a commitment to sustainable approaches that will meaningfully address the racial and ethnic disparities in homeownership and wealth that have persisted for generations,” FHFA Director Sandra Thompson said in the release. “We look forward to working with the Enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans.”
The Enterprises developed the Equitable Housing Finance Plans following FHFA’s Request for Input and public listening session in September 2021. The 2022-2024 plan activities, which will be updated annually, address barriers experienced by renters, aspiring homeowners, and current homeowners – particularly in Black and Latino communities. These activities include but are not limited to:
- Consumer education initiatives for renters and homeowners;
- Credit reporting to help tenants build credit profiles and enable better access to financial services;
- Expanding counseling services to support housing stability;
- Deploying technology to improve access to sustainable credit and fair home appraisals; and
- Special Purpose Credit Programs to address barriers to sustainable homeownership.