FHFA Proposes New Duty-to-Serve Housing Rule
Published Date: 6/24/2026
Proposed Rule
Summary
The Federal Housing Finance Agency wants to update rules so Fannie Mae and Freddie Mac can better help families with low to moderate incomes, especially in manufactured, affordable, and rural housing. The new plan aims to make it easier for these companies to innovate and serve these communities without lots of red tape. People can send their thoughts on this proposal by July 24, 2026.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Enterprises May Use Any 'Eligible Action'
FHFA proposes to remove the rule's prescribed lists of Activities and would allow Fannie Mae and Freddie Mac to take any “eligible action” that is consistent with the statutory Duty to Serve and not listed as ineligible. The change is aimed at letting the Enterprises innovate and focus on high-impact initiatives for very low-, low-, and moderate-income families in manufactured housing, affordable housing preservation, and rural housing.
Median-Income Rule Revised for Poorer Areas
FHFA proposes to revise how it calculates median income so that families in areas with concentrations of low-income residents (including rural and Indian areas) are more likely to qualify as very low-, low-, or moderate-income for Duty to Serve credit. The proposal cites that some loans (for example, Freddie Mac's HeritageOne for Indian areas) were excluded under the old median-income calculation even while addressing clear credit needs in those communities.
Easier Rules for Manufactured Housing
FHFA proposes to update the test for affordability of manufactured housing communities and to remove unduly burdensome rules that affect chattel (personal property) loans for manufactured homes. The proposal notes borrowers seeking personal property loans currently face much higher denial rates (65.6%) and higher interest rates (9.24% average) compared to site-built home loans (8.8% denial rate; 6.63% average interest).
More Financing Tools to Preserve Affordable Rentals
FHFA proposes to remove limits on certain eligible loan purchases (including subordinate multifamily liens) and to expand Low-Income Housing Tax Credit (LIHTC) equity investments eligibility from rural areas to all underserved markets. The preamble notes over half a million LIHTC properties are set to exit compliance between 2025 and 2038, putting units at risk of converting to market rate.
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Key Dates
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