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.
New rules entitle manufactured home renters to be notified before rent increases or changes in community ownership. Manufactured homeowners receive more leeway to sell their homes, even if they’re in default.
The agency’s finalized strategic plan is almost unchanged from the draft version, despite recommendations and criticisms from mortgage industry stakeholders.
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.
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