FHFA Proposes Long Delayed Duty to Serve Rules

Washington, D.C. – February 8, 2016 – (RealEstateRama) — On December 18, the Federal Housing Finance Agency (FHFA) issued a proposed rule that would implement the long delayed “Duty to Serve” rules for Fannie Mae and Freddie Mac (the GSEs). The proposal requires them to adopt plans to improve mortgage financing for residential properties that serve very low-, low-, and moderate-income families in three underserved markets: manufactured housing, affordable housing preservation and rural markets.

Both single family and multifamily markets are included in the proposal. Importantly, the plans may influence the business practices for the GSEs in the three specific markets.

NMHC/NAA are reviewing the proposal to analyze potential impacts on the multifamily market. We will be responding to FHFA’s call for comments on the proposal by the agency’s March 17 deadline. If you have questions, or would like to offer input to us on the proposal, please contact Dave Borsos at .

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Based in Washington, DC, National Multi Housing Council (NMHC) is a national association representing the interests of the larger and most prominent apartment firms in the U.S.  NMHC's members are the principal officers of firms engaged in all aspects of the apartment industry, including owners, developers, managers and financiers.  Nearly one-third of Americans rent their housing, and more than 14 percent live in a rental apartment.

Contact:

Tel: 202.974.2300
Fax: 202.775.0112

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