Updated: FHFA Seeks Comments on Rules Requiring Fannie and Freddie To Serve Underserved Markets, Including Preservation.

Updated to reflect actual Federal Register publication-link is now to that publication, and page reference was changed to match FR publication.

FHFA (Federal Housing Finance Agency) has posted Federal Register Advance notice of proposed rulemaking and request for comments, seeking comment on how Fannie and Freddie can meet their statutory obligation to serve three underserved
markets.

1. Manufactured housing
2. Affordable housing preservation
3. Rural areas

(Formal Federal Register notice is HERE; there is a 60 day comment period.

As the Notice states:

Section 1335 of the Safety and Soundness Act, as amended, requires the Federal Housing Finance Agency (FHFA), beginning in 2010, to establish a manner for: evaluating whether and to what extent the Enterprises have complied with the duty to serve underserved markets; and rating the extent of compliance. To assist FHFA in rulemaking to implement the duty to serve underserved markets, FHFA seeks comment on the characteristics and types of Enterprise transactions and activities that should be considered and how such transactions and activities should be evaluated and rated, for purposes of determining the Enterprises’ performance of the duty to serve underserved markets

Preservation obligations and the comments sought begin on page 3 of the Notice. (Preservation programs include HUD, RD, and Tax Credit programs as well as state and local programs AND perhaps NSP).