CAP Housing Expert: FHFA Misses the Mark on Promoting Homeownership for Low-Income Borrowers and Communities of Color
WASHINGTON, D.C. – August 20, 2015 – (RealEstateRama) — The Federal Housing Finance Agency, or FHFA, released its rule establishing affordable housing goals for 2015 to 2017. The affordable housing goals are a primary measure of Fannie Mae’s and Freddie Mac’s success in fulfilling their charter obligations to provide access to credit in all communities. Julia Gordon, Senior Director of Housing and Consumer Finance at the Center for American Progress, issued the following statement in response to FHFA’s announcement:
On the single family side, FHFA missed a key opportunity to promote homeownership for low-income borrowers and communities of color. This decision is all the more disappointing given Fannie and Freddie’s continued lackluster performance in serving these borrowers and communities. On the other hand, the multifamily goals should help push Fannie and Freddie to better support affordable rental housing at a time when rent burdens are at all-time highs.
Broad availability and affordability of rental and homeownership options are crucial to increasing household opportunity, reducing economic inequality, and furthering racial justice.
Going forward, FHFA should require Fannie and Freddie to implement policies, programs, and strategies to promote appropriate and sustainable housing options for the populations that need it most.
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