The White House action plan for increasing the supply of affordable housing largely piggybacks on the duty-to-serve plans of Fannie Mae and Freddie Mac.
Donna Corley, Freddie’s head of single-family, said borrowers will soon be able to use the Choice Renovation product to finance the construction of accessory dwelling units and count the rent toward income.
Fannie and Freddie addressed FHFA complaints by adding more rigorous and measurable goals to their plans to improve liquidity in underserved mortgage markets.
The deal will help support the development of 1,500 units of senior housing in Arizona, more than half of which will be affordable to renters with incomes lower than 50% of AMI.
The Federal Housing Finance Agency acting director said there are lots of questions that must be answered before Fannie and Freddie can exit government supervision.
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