This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents.

Rules and Regulations Federal Register

82881 

Vol. 85, No. 245 

Monday, December 21, 2020 

1See 12 U.S.C. 4561(a). 

2See 12 U.S.C. 4501(7). 

FARM CREDIT ADMINISTRATION 

12 CFR Part 614 

RIN 3052–AC92 

Amortization Limits 

AGENCY: Farm Credit Administration. 

ACTION: Notification of effective date. 

SUMMARY: The Farm Credit 

Administration (FCA or we) is repealing 

the regulatory requirement that 

production credit associations (PCAs) 

amortize their loans in 15 years or less, 

while requiring Farm Credit System 

(FCS or System) associations to address 

amortization through their credit 

underwriting standards and internal 

controls. In accordance with the law, 

the effective date of the rule is no earlier 

than 30 days from the date of 

publication in the Federal Register 

during which either or both Houses of 

Congress are in session. 

DATES: The regulation amending 12 CFR 

part 614 published on September 28, 

2020 (85 FR 60691) is effective on 

November 19, 2020. 

FOR FURTHER INFORMATION CONTACT: 

Technical information: Lori 

Markowitz, Senior Policy Analyst, 

Office of Regulatory Policy, (703) 883– 

4487, TTY (703) 883–4056, markowitzl@

fca.gov. 

Legal information: Richard A. Katz, 

Senior Counsel, Office of General 

Counsel, (703) 883–4020, TTY (703) 

883–4056, katzr@fca.gov. 

SUPPLEMENTARY INFORMATION: On 

September 28, 2020, FCA issued a final 

rule to repeal regulatory provisions that 

impose amortization limits on PCA 

loans; and require associations that 

amortize loans over a period of time that 

is longer than the term to maturity to 

address loan amortization in their credit 

underwriting standards and internal 

controls. 

In accordance with 12 U.S.C. 

2252(c)(1), the effective date of the rule 

is no earlier than 30 days from the date 

of publication in the Federal Register 

during which either or both Houses of 

Congress are in session. Based on the 

records of the sessions of Congress, the 

effective date of the regulations is 

November 19, 2020. 

Dated: November 30, 2020. 

Dale Aultman, 

Secretary, Farm Credit Administration Board. 

[FR Doc. 2020–26619 Filed 12–18–20; 8:45 am] 

BILLING CODE 6705–01–P 

FEDERAL HOUSING FINANCE 

AGENCY 

12 CFR Part 1282 

RIN 2590–AB04 

2021 Enterprise Housing Goals 

AGENCY: Federal Housing Finance 

Agency. 

ACTION: Final rule. 

SUMMARY: The Federal Housing Finance 

Agency (FHFA) is issuing a final rule on 

the 2021 housing goals for Fannie Mae 

and Freddie Mac (the Enterprises). The 

Federal Housing Enterprises Financial 

Safety and Soundness Act of 1992 (the 

Safety and Soundness Act) requires 

FHFA to establish annual housing goals 

for mortgages purchased by the 

Enterprises. The housing goals include 

separate categories for single-family and 

multifamily mortgages on housing that 

is affordable to low-income and very 

low-income families, among other 

categories. The final rule establishes 

benchmark levels for each of the 

housing goals for 2021. 

DATES: The final rule is effective on 

February 19, 2021. 

FOR FURTHER INFORMATION CONTACT: Ted 

Wartell, Associate Director, Office of 

Housing & Community Investment, 

Division of Housing Mission and Goals, 

at (202) 649–3157, Ted.Wartell@

fhfa.gov; Padmasini Raman, Supervisory 

Policy Analyst, Office of Housing & 

Community Investment, Division of 

Housing Mission and Goals, at (202) 

649–3633, Padmasini.Raman@fhfa.gov; 

or Kevin Sheehan, Associate General 

Counsel, Office of General Counsel, 

(202) 649–3086, Kevin.Sheehan@

fhfa.gov. These are not toll-free 

numbers. The mailing address is: 

Federal Housing Finance Agency, 400 

Seventh Street SW, Washington, DC 

20219. The telephone number for the 

Telecommunications Device for the Deaf 

is (800) 877–8339. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Uncertainty over public health and 

over the economic impacts of the 

COVID–19 pandemic has caused 

significant disruption in both the singlefamily and multifamily housing markets 

since March 2020. Due to the severe 

nature of the COVID–19 pandemic and 

associated economic uncertainty, FHFA 

is establishing benchmark levels for the 

Enterprise single-family and 

multifamily housing goals for calendar 

year 2021 only. FHFA expects to 

conduct a new round of notice and 

comment rulemaking in 2021 to 

establish benchmark levels for 2022 and 

beyond. FHFA expects that more data 

will become available on the economic 

impacts of the COVID–19 pandemic and 

that the additional data will allow 

FHFA to update the economic model 

that has been a significant factor in 

setting the single-family benchmark 

levels. As in past housing goals 

rulemakings, FHFA expects to publish a 

paper describing the economic model as 

part of the rulemaking process in 2021. 

A. Statutory and Regulatory Background 

for the Existing Housing Goals 

The Safety and Soundness Act 

requires FHFA to establish several 

annual housing goals for both singlefamily and multifamily mortgages 

purchased by Fannie Mae and Freddie 

Mac.1 The annual housing goals are one 

measure of the extent to which the 

Enterprises are meeting their public 

purposes, which include ‘‘an affirmative 

obligation to facilitate the financing of 

affordable housing for low- and 

moderate-income families in a manner 

consistent with their overall public 

purposes, while maintaining a strong 

financial condition and a reasonable 

economic return.’’ 2

FHFA has established annual housing 

goals for Enterprise purchases of singlefamily and multifamily mortgages 

consistent with the requirements of the 

Safety and Soundness Act. The 

structure of the housing goals and the 

rules for determining how mortgage 

purchases are counted or not counted 

are set forth in the housing goals