FHFA Issues Duty to Serve 2022-2024 Underserved Markets Plans
FHFA has issued Non-Objections to the 2022-2024 Underserved Markets Plans submitted by Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) program. The Plans are now available on the DTS website (www.fhfa.gov/dts).
The Enterprises first submitted DTS Plans for 2022-2024 in May 2021. FHFA evaluated those Plans, considered public feedback, and provided guidance to the Enterprises on how the Plans could be revised to strengthen their impact. FHFA reviewed revised Plans submitted by the Enterprises in October 2021 and requested further revisions.
The current Plans meet the Non-Objection standard for the three underserved markets: manufactured housing, affordable housing preservation, and rural housing. The implementation date for the Plans is January 1, 2022. FHFA set an implementation date that is retroactive to the Non-Objection determination to ensure DTS activities continue without interruption.
The activities outlined by the Enterprises to achieve DTS Plan objectives will remain subject to FHFA review and approval to ensure compliance with the Enterprises’ Charter Acts, safety and soundness measures, and other conservatorship and regulatory requirements.
The 2021 quarterly and annual narrative reports submitted by Fannie Mae and Freddie Mac have been published on the Duty to Serve website. The reports describe the Enterprises’ actions and progress toward achieving the objectives in their Plans.
Save the date for listening sessions on special topics in the Duty to Serve underserved markets on the afternoons of Monday, July 11 (affordable housing preservation), Tuesday, July 12 (manufactured housing), and Wednesday, July 13 (rural housing). More details coming soon.
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