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.
| Type | Description | Report |
|---|---|---|
| Manufactured homes titled as real property | ||
| 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 | ||
| 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 | ||
| 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 | ||
| Loan Purchase | Increase the Number of Loan Purchases of MHCs with Tenant Pad Lease Protections | View Report |
| Additional Manufactured Housing Communities Activities | ||
| 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 |
| Type | Description | Report |
|---|---|---|
| Section 8 | ||
| 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 | ||
| 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) | ||
| Loan Purchase | Increase liquidity to the LIHTC debt market by purchasing loans secured by LIHTC properties | View Report |
| State or local affordable housing programs | ||
| Loan Purchase | Purchase loans secured by properties under state or local affordable housing programs | View Report |
| HUD Rental Assistance Demonstration (RAD) program | ||
| Loan Purchase | Purchase loans for RAD properties | View Report |
| Multifamily energy | ||
| 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 | ||
| 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) | ||
| 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 | ||
| 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) | ||
| 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 |
| Type | Description | Report |
|---|---|---|
| Housing in high-needs rural regions | ||
| 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 | ||
| 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 | ||
| Outreach | Acquire single-family purchase money mortgage loans in rural areas from SFIs | View Report |
| Small multifamily rental properties financing | ||
| 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 | ||
| Investment | Invest in LIHTC properties in rural areas | View Report |
| Type | Description | Report |
|---|---|---|
| Manufactured homes titled as personal property | ||
| 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 | ||
| 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 | ||
| 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 | ||
| Loan Purchase | Purchase loans that institute Duty to Serve tenant protections | View Report |
| Type | Description | Report |
|---|---|---|
| Low-income Housing Tax Credit (Debt) | ||
| 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 | ||
| Loan Purchase | Provide liquidity and stability through Section 8 loan purchases | View Report |
| Small Multifamily Rental Properties | ||
| 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 | ||
| Loan Purchase | Purchase loans with state and local programs | View Report |
| Sustainability and Resiliency | ||
| 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 | ||
| 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 | ||
| 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 | ||
| Loan Purchase | Purchase loans on properties that support Residential Economic Diversity | View Report |
| Type | Description | Report |
|---|---|---|
| Housing in high-needs rural regions | ||
| 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 | ||
| 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 | ||
| Loan Purchase | Provide liquidity to small financial institutions serving rural regions | View Report |
| Multifamily Properties in Rural Areas | ||
| 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