DTS 2023 Enterprise Annual Reports

To enable FHFA's evaluations, each Enterprise submits quarterly and annual reports detailing its actions and progress toward achieving the objectives in its Plan. FHFA makes these quarterly and annual reports public, omitting any confidential and proprietary information. These reports contain the Enterprises’ views on their Duty to Serve activities and do not necessarily reflect FHFA’s views.

In 2024, FHFA conducted meetings with Fannie Mae and Freddie Mac to supplement the information provided by the Enterprises in their 2023 annual reports.

Download a summary of meetings with Fannie Mae.
Download a summary of meeting with Freddie Mac.

FHFA has evaluated Fannie Mae and Freddie Mac’s 2023 Duty to Serve performance under their current Duty to Serve Plans, which covers the 2022-2024 period. FHFA has determined that each Enterprise complied with its Duty to Serve requirements in all three underserved markets in 2023. For an Enterprise that achieves compliance, FHFA will convert its final performance score into one of four passing ratings: Minimally Passing, Low Satisfactory, High Satisfactory, or Exceeds.

For 2023, FHFA assigned Fannie Mae a rating of Low Satisfactory for its activities in the manufactured housing market, a rating of Low Satisfactory for its activities in the affordable housing preservation market, and a rating of Low Satisfactory for its activities in the rural housing market. For 2023, FHFA assigned Freddie Mac a rating of Low Satisfactory for its activities in the manufactured housing market, a rating of Low Satisfactory for its activities in the affordable housing preservation market, and a rating of Low Satisfactory for its activities in the rural housing market.

Highlights of the Enterprises' 2023 performance are published in FHFA's 2024 Annual Housing Report. Data on the Enterprises' 2023 Duty to Serve-qualifying loan purchases is available on the Performance Data section of the Duty to Serve page.

Manufactured homes titled as real property

Type	Description	Report
Loan Purchase	Acquire purchase money mortgage loans secured by MHRP	View Report
Outreach	Explore opportunities to facilitate financing of loans secured by MHRP located in certain manufactured housing communities	View Report
Loan Product	Expand on prior efforts to facilitate financing of loans on homes secured by MHRP located in Fee Simple developments	View Report
Loan Product	Incentivize the construction of energy-efficient manufactured homes by developing new program and securitization standards.	View Report

Manufactured home lending on tribal trust land

Type	Description	Report
Loan Purchase	Develop product and process flexibilities to streamline manufactured home lending on tribal trust land.	View Report

Manufactured housing communities (MHCs) owned by a governmental entity, non-profit organization or residents

Type	Description	Report
Loan Purchase	Increase loan purchases of MHCs owned by government entities, nonprofit organizations, or residents	View Report

Manufactured housing communities (MHCs) with certain tenant pad lease protections

Type	Description	Report
Loan Purchase	Increase the Number of Loan Purchases of MHCs with Tenant Pad Lease Protections	View Report

Additional Manufactured Housing Communities Activities

Type	Description	Report
Loan Purchase	Increase the purchase of MHC loans benefiting from Manufactured Housing Rental flexibilities	View Report
Outreach	Supporting renters in manufactured housing communities through credit building activities	View Report

Section 8

Type	Description	Report
Loan Purchase	Provide a steady source of capital and liquidity through the purchase of loans secured by Project-Based Section 8 properties	View Report

Section 515

Type	Description	Report
Loan Purchase	Promote greater preservation of USDA Section 515 properties through loan purchases	View Report
Outreach	Support technical assistance programs that facilitate the preservation of Section 515 properties	View Report

Low-Income Housing Tax Credits (Debt)

Type	Description	Report
Loan Purchase	Increase liquidity to the LIHTC debt market by purchasing loans secured by LIHTC properties	View Report

State or local affordable housing programs

Type	Description	Report
Loan Purchase	Purchase loans secured by properties under state or local affordable housing programs	View Report

HUD Rental Assistance Demonstration (RAD) program

Type	Description	Report
Loan Purchase	Purchase loans for RAD properties	View Report

Multifamily energy

Type	Description	Report
Outreach	Increase positive environmental and social impact of green financing through development of market awareness and understanding of energy and water efficiency improvements and financing	View Report

Single-family energy efficiency improvements

Type	Description	Report
Loan Product	Reduce homeowner utility costs through loan product enhancements that allow homeowners to finance or refinance energy and water improvements	View Report
Loan Purchase	Support Technical Assistance Programs that Facilitate the Preservation of Section 515 Properties	View Report
Loan Product	Build tools and create programs to facilitate energy and water improvements.	View Report

Shared equity (Affordable homeownership preservation)

Type	Description	Report
Outreach	Promote best practices and standardization for shared equity programs through a model deed restriction and a certification system for shared equity programs	View Report
Loan Purchase	Increase the purchase of mortgage loans that finance shared equity homes	View Report

Purchase or rehabilitation of distressed properties

Type	Description	Report
Outreach	Increase the acquisition of distressed properties by owner-occupants through outreach and new product development focused on purchasing distressed properties by mission-focused nonprofits or public entities, and/or owner-occupants	View Report

Additional Activity: Residential Economic Diversity (RED)

Type	Description	Report
Loan Purchase	Purchase affordable loans to add liquidity to the market in FHFA-determined, RED-eligible high opportunity areas	View Report
Outreach	Introduce a pilot product to accept Housing Choice Vouchers (HCVs) in markets without source of income (SOI) protections	View Report

Housing in high-needs rural regions

Type	Description	Report
Loan Purchase	Increase liquidity in high-needs rural regions through multifamily loan purchases	View Report
Loan Purchase	Acquire single-family purchase money mortgage loans in high-needs rural regions	View Report
Outreach	Improve access to affordable financing for underserved homebuyers	View Report
Outreach	Conduct outreach in high-needs rural regions to improve knowledge of local market conditions	View Report

Housing for high-needs rural populations

Type	Description	Report
Outreach	Support technical assistance programs that enhance the development capacity of organizations serving high-needs rural populations	View Report
Loan Product	Create additional homeownership opportunities for high-needs populations by strengthening Native CDFIs' lending capacity and skill set to operate in the secondary mortgage market	View Report
Outreach	Champion efforts that promote or sustain homeownership for Native American populations	View Report

Small financial institutions of rural housing

Type	Description	Report
Outreach	Acquire single-family purchase money mortgage loans in rural areas from SFIs	View Report

Small multifamily rental properties financing

Type	Description	Report
Loan Purchase	Support rural small multifamily rental property activity	View Report
Outreach	Small rural multifamily rental outreach	View Report

Additional activity: Rural LIHTC equity investments

Type	Description	Report
Investment	Invest in LIHTC properties in rural areas	View Report

Manufactured homes titled as personal property

Type	Description	Report
Loan Product	Conduct due diligence and accumulate data to support development of initiative guidelines for personal property loans on manufactured homes	View Report

Manufactured homes titled as real property

Type	Description	Report
Loan Purchase	Increase single-family loan purchases of manufactured housing titled as real property	View Report
Loan Product	Design new product flexibilities to facilitate the origination of mortgages securing manufactured housing titled as real property	View Report

Manufactured Housing Communities (MHCs) owned by a governmental entity, non-profit organization or residents

Type	Description	Report
Loan Purchase	Purchase resident-owned community, non-profit owned, and government instrumentality-owned loans	View Report

Manufactured home communities (MHCs) with certain tenant pad lease protections

Type	Description	Report
Loan Purchase	Purchase loans that institute Duty to Serve tenant protections	View Report

Low-income Housing Tax Credit (Debt)

Type	Description	Report
Loan Purchase	Provide liquidity and stability through LIHTC loan purchases	View Report
Outreach	Publish research analyzing LIHTC properties at risk of exiting the program and develop loan offering parameters to preserve their affordability	View Report

Section 8

Type	Description	Report
Loan Purchase	Provide liquidity and stability through Section 8 loan purchases	View Report

Small Multifamily Rental Properties

Type	Description	Report
Loan Purchase	Purchase/Guarantee loans for 5-50 unit multifamily properties from small financial institutions	View Report
Loan Product	Develop multifamily correspondent lender program for community development financial institutions, minority depository institutions and small lenders	View Report

State and local affordable housing programs

Type	Description	Report
Loan Purchase	Purchase loans with state and local programs	View Report

Sustainability and Resiliency

Type	Description	Report
Outreach	Address resiliency through analysis on public incentive programs/policies and loan offering development	View Report

Energy- and/or water-efficiency improvements on single-family properties

Type	Description	Report
Loan Product	Develop automation and industry standards to facilitate secondary-market growth for mortgages securing energy-efficient properties	View Report

Shared Equity Programs for Affordable Housing Preservation

Type	Description	Report
Loan Purchase	Increase loan purchases of shared equity mortgages	View Report
Loan Product	Design new product flexibilities to facilitate the origination of shared equity mortgages	View Report

Additional Activity: Residential Economic Diversity

Type	Description	Report
Loan Purchase	Purchase loans on properties that support Residential Economic Diversity	View Report

Housing in high-needs rural regions

Type	Description	Report
Loan Purchase	Purchase single-family loans in high-needs rural regions	View Report
Loan Product	Develop product enhancements to increase origination of conventional mortgages from community development financial institutions	View Report
Outreach	Facilitate thought leadership and research related to housing and mortgage financing in rural communities	View Report
Investment	Engage in LIHTC Equity Investment	View Report

Housing for high-needs rural populations

Type	Description	Report
Loan Product	Facilitate conventional lending to members of federally recognized Native tribes in tribal areas	View Report
Investment	Engage in LIHTC Equity Investment	View Report

Small Financial Institutions of Rural Housing

Type	Description	Report
Loan Purchase	Provide liquidity to small financial institutions serving rural regions	View Report

Multifamily Properties in Rural Areas

Type	Description	Report
Loan Purchase	Purchase loans to preserve properties with USDA Section 515 debt	View Report
Investment	Engage in LIHTC equity investment in all rural areas	View Report
Loan Product	Explore and establish rural developer capacity building program	View Report

See past Quarterly and Annual Reports

DTS 2023 Enterprise Annual Reports

Manufactured homes titled as real property

Manufactured home lending on tribal trust land

Manufactured housing communities (MHCs) owned by a governmental entity, non-profit organization or resi​dents

Manufactured housing communities (MHCs) with certain tenant pad lease protections

Additional Manufactured Housing Communities Activities

Section 8​

Section 515

Low-Income Housing Tax Credits (Debt)

State or local affordable housing programs

HUD Rental Assistance Demonstration (RAD) program

Multifamily energy

Single-family energy efficiency improvements

Shared equity (Affordable homeownership preservation)

Purchase or rehabilitation of distressed properties

Additional Activity: Residential Economic Diversity (RED)

Housing in high-needs rural regions

Housing for high-needs rural populations

Small financial institutions of rural housing

Small multifamily rental properties financing

Additional activity: Rural LIHTC equity investments

Manufactured homes titled as personal property

Manufactured homes titled as real property

Manufactured Housing Communities (MHCs) owned by a governmental entity, non-profit organization or residents

Manufactured home communities (MHCs) with certain tenant pad lease protections

Low-income Housing Tax Credit (Debt)

Section 8

Small Multifamily Rental Properties

State and local affordable housing programs

Sustainability and Resiliency

Energy- and/or water-efficiency improvements on single-family properties

Shared Equity Programs for Affordable Housing Preservation

Additional Activity: Residential Economic Diversity

Housing in high-needs rural regions

Housing for high-needs rural populations

Small Financial Institutions of Rural Housing

Multifamily Properties in Rural Areas

Manufactured housing communities (MHCs) owned by a governmental entity, non-profit organization or residents

Section 8