In a bid to address housing disparities in underserved markets, the National Association of Realtors (NAR) has submitted comments to the Federal Housing Finance Agency (FHFA) concerning the Duty to Serve Plans of Fannie Mae and Freddie Mac (the GSEs). These plans are crucial in outlining how the GSEs intend to cater to traditionally marginalized sectors, particularly rural housing, manufactured housing, and consumers with very low, low, and moderate incomes. The proposed plans resonate well with NAR’s stance, and the association commends FHFA and the GSEs for their commitment to supporting underserved markets.
Key points highlighted in NAR’s comments to FHFA include:
- Acknowledgment of the GSEs’ emphasis on multifamily housing in rural areas.
- Recognition of efforts to address issues related to heirs’ property.
- Appreciation of initiatives targeting energy efficiency upgrades.
- Support for Low-Income Housing Tax Credit (LIHTC) investments.
NAR also recommends that FHFA explores avenues for the GSEs to offer financial support to condominium complexes with substantial deferred maintenance. This assistance will not only help to preserve and enhance existing housing stock but also enable the repair of complexes to meet GSE lending requirements. Ultimately, this approach will enhance safety standards in housing while increasing access to conventional lending options for more complexes.
In conclusion, it is vital for FHFA to continue collaborating with the GSEs to implement strategies that effectively address the housing needs of underserved communities. By working together and exploring innovative solutions, FHFA and the GSEs can make significant strides in fostering a more inclusive and equitable housing market for all.
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