FHFA Announces GSEs’ Proposed Duty to Serve Underserved Markets Plans for 2022-2024
The Federal Housing Finance Agency published proposed 2022-2024 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac under the Duty to Serve program. The proposed Plans cover the period from January 1, 2022 to December 31, 2024.
FHFA issued a final rule in 2016 that implemented the DTS provisions as mandated by the Housing and Economic Recovery Act of 2008. The statute requires the Enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation and rural housing—by increasing the liquidity of mortgage financing for very low-, low- and moderate-income families.
FHFA will accept public input on the proposed Plans during a 60-day public input period beginning on May 18. The public can review the request for input and submit comments through links on the DTS webpage. FHFA also plans to hold three listening sessions to review the proposed Plans. The sessions are scheduled for July 12, 13 and 14; the schedule can be viewed here.
FHFA said activities outlined by the Enterprises to achieve proposed Plan objectives will remain subject to its review and approval to ensure compliance with the Enterprises’ Charter Acts, safety and soundness measures and other conservatorship and regulatory requirements.
FHFA published the proposed Plans on its dedicated webpage, www.fhfa.gov/DTS.