2022

Annual Housing 

Activities Report
2022 at a glance

542,740

First-time homebuyers 

helped to purchase a home

278,799

Very low- and low-income 

homebuyers helped

419,361

Rental units affordable 

to very low- and 

low-income families

~3,400

Homebuyers were 

approved-eligible when 

they may not have been 

without including positive 

rent payment history

2.6M

Households helped to buy, 

refinance, or rent a home 

Affordability

Over 

16,000

Calls for support to 

Disaster Response 

NetworkTM and Mortgage 

Help Network

Over 

178,000

First-time homebuyers 

completed our HomeView® 

course and earned their 

certificate of completion

16.6M

Diverse renters, 

homebuyers and 

homeowners engaged 

on key homebuying 

barriers and financial 

resiliency topics

Over 

11,000 

Counseling sessions 

completed to help people 

stay in their homes after 

disaster or hardship

Stability

$684B

Provided in liquidity to 

the single-family and 

multifamily mortgage 

markets 

598,000

Multifamily units financed

$10.5B

In Multifamily and SingleFamily Green MBS issued

$11.8B

In Multifamily Social 

MBS issued

Liquidity

Over 2M

Single-family purchase and refinance loans acquired

Annual Housing Activities Report 2022 2
Introduction

Today, our mission is to advance equitable and sustainable 

access to homeownership and quality affordable rental housing 

across America. Fannie Mae supports the housing market 

by purchasing and guaranteeing mortgage loans made by 

lenders and issuing mortgage-backed securities (MBS) backed 

by those mortgage loans that attract global investors. These 

activities help to enable affordable housing for individuals 

and communities. 

This report is about our annual housing activities and 

performance set against the housing goals established by the 

Federal Housing Finance Agency (FHFA). This report describes 

a wide range of activities we accomplished in 2022 to provide 

leadership in creating housing opportunities that are affordable 

and stable. 

This past year, low- and moderate-income families faced 

extraordinary challenges in the housing market, including 

a rapid increase in interest rates, elevated housing prices, a 

continuing shortage of affordable homes, and the impacts of 

significant inflation. 

Despite these challenges, Fannie Mae continued to provide 

liquidity to help maintain affordability in the overall housing 

market and for underserved communities while supporting 

responsible lending. We also focused on research and 

developing solutions to help build a more equitable and 

sustainable housing experience for renters, homebuyers, and 

homeowners nationwide.

In this report, you will learn how Fannie Mae works to: 

• Provide housing affordability by offering programs, 

products, and tools designed to help people secure 

affordable and stable housing. 

• Support housing stability for more families to stay in their 

homes by providing homeownership and rental education, 

maintaining sustainable and inclusive credit standards, 

and offering foreclosure prevention options. 

• Enable a stable source of liquidity for mortgage lending 

to help increase access to affordable homeownership and 

rental housing. 

We are proud of this report, the work it describes, and the 

people and partners who are advancing our shared goals. Most 

of all, we are inspired by the opportunity to serve America’s 

renters and homeowners.

Fannie Mae was founded in 1938 with the public 

purpose of encouraging homeownership. Over 

the years, we have continuously sought to expand 

housing opportunities. 

Annual Housing Activities Report 2022 3
About 

Fannie Mae

Single-Family

Our Single-Family business helps homebuyers purchase and 

refinance homes. We support mortgage lenders by acquiring 

the mortgage loans they originate. We package loans we 

acquire into MBS, providing credit guarantees that attract 

investors to the U.S. secondary mortgage market. Our financing 

solutions enable lenders to offer 30-year, fixed-rate mortgages, 

which provide homeowners stable, predictable mortgage 

payments over the life of their loans. 

We develop and maintain underwriting, eligibility, and risk 

management standards for Fannie Mae loans through Desktop 

Underwriter® (DU®), our industry-leading underwriting 

system. We also establish servicing standards, including 

borrower assistance options for homeowners experiencing 

financial distress.

Multifamily

Our Multifamily business supports the availability of affordable 

rental housing in all markets across the country. We work 

with our multifamily lenders to provide funds to the mortgage 

market primarily by securitizing multifamily mortgage loans 

acquired from these lenders into Fannie Mae MBS, which are 

sold to investors or dealers. We also purchase multifamily 

mortgage loans and provide credit enhancement for bonds 

issued by state and local housing finance authorities to finance 

multifamily housing. We also continue to invest in Low-Income 

Housing Tax Credit (LIHTC) multifamily projects to help support 

and preserve the supply of affordable housing. 

The Federal National Mortgage Association, better known 

as Fannie Mae, has a unique and vital role in the mortgage 

finance system. By purchasing mortgages from lenders, we 

provide liquidity to make sustainable mortgage financing 

accessible to more borrowers. In 2022, Fannie Mae helped 

approximately 2.6 million households buy, refinance, or 

rent a home. 

But we do not do this alone. We work with many partners, 

including mortgage lenders and servicers, housing 

counselors, real estate agents, nonprofits, and other industry 

professionals to help people obtain a home and stay in that 

home when faced with hardship or disaster.

Fannie Mae’s work is focused on two types of housing. 

Annual Housing Activities Report 2022 4
Housing affordability 6

Our programs and products support affordable housing 6

Our affordable housing goals 8

We serve low- and moderate-income families 

across the country 10

We provide access to first-time homebuyers 12

We lower barriers to housing for low- and moderateincome and underserved households 13

We partner across the industry to expand access 

to affordable housing 16

Housing stability 18

Our responsible underwriting promotes 

housing stability 18

We support stable housing for renters and borrowers 19

Trends in delinquency and default rates of 

mortgages secured by housing for low- and 

moderate-income families 21

We keep people in their homes during hardship 23

We partner across the industry to promote 

housing stability 24

About this document

In the sections that follow we provide our response to 

the 11 requirements set forth in the Fannie Mae Charter 

Act (12 U.S.C. § 1723a(n)(2)(A) through (K)). We grouped 

our responses by their alignment to three key activities 

supporting our mission — Affordability, Stability, and 

Liquidity. Footnotes at the start of each section specify 

which Charter Act requirement is being addressed. The 

Index at the end of this document also specifies which 

sections address particular Charter Act requirements. 

Liquidity 26

Our business supports liquidity in mortgage markets 26

Multifamily housing market trends 28

We support diverse business partners 30

We leverage public programs to provide liquidity 

to the market 31

Index 32

Table of 

contents

© 2023 Fannie Mae Annual Housing Activities Report 2022 5
1 We use the term “affordable” in multiple contexts in this report and when gauging the extent to which our financing is supporting housing that is affordable for low- to moderateincome renters and homeowners. When addressing the needs of renters, we consider either rental cost or rent restrictions reported at mortgage origination. For homeowners, 

we use the mortgage borrower’s household income as an indicator of affordability. To account for variations in regional costs of living and incomes, we standardize how we talk 

about household income by categorizing incomes relative to Area Median Income. 

Our programs and products support affordable housing

To support housing affordability, Fannie Mae works to 

understand and address the barriers renters and homeowners 

face when renting or buying a home. We offer products, 

programs, and tools designed to provide financing options to 

underserved communities.

Single-Family

Homeownership can seem out of reach for many people for 

a variety of reasons. Common obstacles include insufficient 

savings to cover down payments and closing costs, limited 

traditional credit history, lack of familiarity with the process of 

buying a home, and competition for a limited supply of quality 

affordable housing. 

Fannie Mae has a suite of products and programs designed to 

assist first-time homebuyers and very low- to moderate-income 

borrowers by offering lower down payment options and lowerpriced mortgages. 

• HomeReady®: An affordable lending product designed to 

help our lender partners serve creditworthy low-income 

borrowers. Benefits include the flexibility of a low down 

payment, decreased mortgage insurance coverage costs, and 

lower costs of borrowing.

• HFA PreferredTM: A product that enables participating 

Housing Finance Agencies (HFAs) to offer loans to borrowers 

with up to 97% loan-to-value (LTV) ratios. HFA Preferred 

is ideal for borrowers who have limited funds for down 

payment and closing costs and for those needing extra 

flexibilities on credit and income sources.

• Community Seconds®: A program authorized under 

Fannie Mae’s guidelines that enables a subordinate mortgage 

financed by an HFA, a nonprofit, or government organization 

to be used in conjunction with a first mortgage delivered to 

Fannie Mae. 

1

Expanding access to housing affordability is central to our mission. Learn about our goals, solutions, and dedication to creating 

industry partnerships that will help serve the housing needs of low- and moderate-income households across the country. 

Housing

affordability

Annual Housing Activities Report 2022 6
• Manufactured housing (MH Advantage®, standard MH):

Manufactured housing (MH) serves as a significant source 

of affordable housing available to low- and moderateincome borrowers. Fannie Mae offers conventional financing 

for a range of MH properties. Fannie Mae’s standard MH 

program covers traditional single-width and multi-width MH 

properties. Our MH Advantage program offers financing on 

specially designated MH homes that feature characteristics 

similar to site-built homes. Under the MH Advantage 

program, qualifying borrowers can finance up to 97% LTV.

• Standard 97% LTV: A fixed-rate product designed for first 

time homebuyers that offers 97% LTV, which is ideal for 

borrowers who have limited funds for down payment.

• Refinancing: A set of products that allows borrowers to 

reduce monthly payments, build equity faster, or find more 

stability if they have an adjustable-rate loan. Fannie Mae has 

a suite of options that can be used for refinancing, including 

RefiNowTM, HomeReady, HomeStyle® Renovation, and 

HomeStyle® Energy. 

Multifamily

Scarce supply of affordable rental units is one of the primary 

barriers to housing affordability for renters, resulting in 

competition for available units and renters stuck in high-cost 

or low-quality housing. 

Fannie Mae is focused on supporting the preservation, 

rehabilitation, and creation of more affordable rental housing. 

We develop products that incentivize preservation of affordable 

units for low- and very-low-income households. We also 

support the development and preservation of housing in 

the underserved manufactured housing and rural markets, 

and our products and programs reflect our commitment to 

these markets.

• Preserving affordable multifamily rental units: Fannie Mae 

takes an active role in preserving and improving affordable 

housing for low-income renters. We work to make it easier for 

lenders to finance the production and preservation of rental 

housing by providing standardized, consistent, and scalable 

multifamily financing products, as well as flexible, tailored 

products that accommodate innovative and affordabilitygenerating financing structures. 

• Low-Income Housing Tax Credit (LIHTC): The federal 

LIHTC program supports the development of affordable 

rental housing for low- and very low-income households. 

Fannie Mae both provides direct equity investments in LIHTC 

properties and acquires loans on LIHTC properties. Refer to 

the Liquidity section for additional information. 

• Sponsor-Initiated Affordability (SIA): Fannie Mae’s SIA 

program seeks to address the gap in affordable housing 

supply, offering a pricing incentive for multifamily borrowers 

to voluntarily set aside at least 20% of units for households 

with income less than 80% of AMI through the life of the 

Fannie Mae loan. With SIA, Fannie Mae provides toolkits and 

guidance for property owners, offering an entry point for 

those who are new to the domain of housing affordability 

and a loan-level compliance framework for borrowers.

• Expanded Housing Choice (EHC) initiative: Fannie Mae’s 

EHC pilot program offers new and innovative ways to fulfill 

our commitment to increasing access to affordable housing 

for renters. Our EHC voucher pricing incentive provides lower 

financing for property owners who accept Housing Choice 

Vouchers as a source of income in North Carolina and Texas, 

widening the housing options available to voucher holders.

Fannie Mae’s financing 

for Multifamily Affordable 

Housing (MAH)2 totaled 

$10.3 billion in 2022, up 

from $9.6 billion in 2021 

and $7.9 billion in 2020.

2 MAH includes properties with a minimum level of rent and income restricted units, 

properties receiving federal and state subsidies, properties with rent and/or income 

restrictions that meet a special public purpose, and properties eligible for SIA. For 

more information, refer to MAH Property Eligibility in our Guide. 

Annual Housing Activities Report 2022 7
Our affordable housing goals

Housing goals

Since the passage of the Federal Housing Enterprises Financial 

Safety and Soundness Act of 1992,4

 Fannie Mae has been 

required by statute and regulation to meet certain housing 

goals, and to report our progress each year to our regulator 

and to the responsible oversight committees in the United 

States House of Representatives and the United States Senate. 

In the Housing and Economic Recovery Act of 2008,5

 Congress 

designated the then-newly created FHFA with the responsibility 

for setting and enforcing housing goals. In October 2022, FHFA 

determined that we met all of our single-family and multifamily 

housing goals for 2021.

In 2021, FHFA established new single-family housing goal 

benchmarks for 2022 through 2024 and new multifamily 

housing goal benchmarks for 2022.6

 The 2022 benchmarks were 

set at significantly higher levels than our 2018 to 2021 goals. 

While 2022 was affected by significant changes in the economy 

that made achievement of the goals much more difficult, we 

believe we met the single-family housing goal benchmarks 

other than those for purchase loans for very low- and lowincome families, and that we met all three multifamily goals, as 

set forth in the following tables. We expect final performance 

results for 2022 will be calculated and published by FHFA by the 

fourth quarter of 2023.7

3 12 U.S.C. § 1723a(n)(2)(A): “include, in aggregate form and by appropriate category, statements of the dollar volume and number of mortgages on owner-occupied and rental 

properties purchased which relate to each of the annual housing goals.”

4 Pub. L. 102-550, tit. XIII, Oct. 28, 1992, 106 Stat. 3672.

5 Pub. L. 110-289, July 30, 2008, 122 Stat. 2654.

6 On December 14, 2022, FHFA finalized a new rule for 2023 and 2024 that sets benchmarks based on a percentage of units, rather than on the number of units.

7 Our 2022 results have not been validated by FHFA. After validation, they may differ from the results reported. 

8 Home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 80% of AMI.

9 Home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 50% of AMI.

10 Home purchase mortgages on single-family, owner-occupied properties with borrowers in census tracts with median income no greater than 80% of AMI; borrowers with 

incomes no greater than 100% of AMI in minority census tracts; and borrowers in designated disaster areas. Minority census tracts are those that have a minority population of at 

least 30% and a median income of less than 100% of AMI. For 2022 to 2024, FHFA sets the low-income areas home purchase goal benchmark level on an annual basis by adding 

a disaster area increment to the sum of the benchmark levels for the minority census tracts subgoal and the low-income census tracts subgoal.

11 Home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 100% of AMI in minority census tracts.

12 (i) Home purchase mortgages on single-family, owner-occupied properties to borrowers (regardless of income) in low-income census tracts that are not minority census tracts, 

and (ii) home purchase mortgages on single-family, owner-occupied properties to borrowers with incomes greater than 100% of AMI in low-income census tracts that are also 

minority census tracts. Low-income census tracts are those where the median income is no greater than 80% of AMI.

13 Refinancing mortgages on single-family, owner-occupied properties to borrowers with incomes no greater than 80% of AMI.

Single-family qualifying very low- and low-income 

purchase money mortgages 

278,799 mortgages acquired

$61B UPB

Single-family qualifying very low-income purchase 

money mortgages

69,919 mortgages acquired

$11B UPB

Single-Family 

Housing Goals

2022 

Benchmark

2022 

Market

2022 

Performance

Low-Income Home 

Purchase Goal8 28% TBD by FHFA 27.43%

Very Low-Income 

Home Purchase Goal9 7% TBD by FHFA 6.88%

Low-Income Areas 

Home Purchase Goal10 20% TBD by 

FHFA 29.59%

Minority Census Tracts 

Subgoal (new)11 10% TBD by FHFA 13.53%

Low-Income Census 

Tracts Subgoal (new)12 4% TBD by FHFA 9.33%

Low-Income 

Refinancing Goal13 26% TBD by FHFA 34.72%

3

Annual Housing Activities Report 2022 8
Multifamily Housing Goals (units) 2022 

Benchmark

2022 

Performance

Low-Income Goal15 415,000 419,361

Very Low-Income Subgoal16 88,000 127,905

Small Multifamily (5 – 50 units) 

Low-Income Subgoal17 17,000 21,436

14 12 U.S.C. § 2801 et seq.

15 Affordable to low-income families, defined as families with incomes no greater than 

80% of AMI.

16 Affordable to very low-income families, defined as families with incomes no greater 

than 50% of AMI.

17 Units in small multifamily properties (defined as properties with 5 to 50 units) 

affordable to low-income families.

18 The AMR is provided pursuant to § 309(m) of the Charter Act (codified at 12 U.S.C. § 

1723a(m)).

Single-family housing goals performance is measured against 

both the FHFA-set benchmarks and the actual goal-eligible 

originations in the primary mortgage market (market share). 

We meet our single-family housing goals if we achieve either 

the FHFA-set benchmarks or the market share metrics. For any 

housing goals where our single-family performance falls below 

the benchmark, FHFA assesses our performance based upon 

the market share after the release of data reported under the 

Home Mortgage Disclosure Act,14 which typically occurs in the 

fall after the performance year.

If our efforts to meet our housing goals prove to be insufficient, 

FHFA determines whether the goals were feasible. If FHFA 

finds that our goals were feasible, we may become subject to 

a housing plan that could require us to take additional steps, 

including describing the actions we would take to meet the 

goal in the next calendar year. The potential penalties for failure 

to comply with housing plan requirements include a ceaseand-desist order and civil money penalties.

The dollar volume and number of mortgages on owneroccupied and rental properties purchased that relate to each 

of the housing goals are set forth in Tables 1A and 1B of the 

Annual Mortgage Report (AMR).18

Multifamily qualifying very low- and low-income 

purchase money mortgages

419,361 units financed

$41B UPB

Multifamily qualifying very low-income purchase 

money mortgages

127,905 units financed

$10B UPB

Annual Housing Activities Report 2022 9
We serve low- and moderate-income families across 

the country

Fannie Mae seeks to be in all markets across the U.S., at all 

times. The factors that affect the distribution of our mortgage 

acquisitions include housing density in individual markets and 

local economic conditions in those housing markets. In 2022, 

Fannie Mae helped approximately 2.6 million households rent, 

buy, or refinance, a home. A substantial portion of the loans we 

purchase help to support renters and borrowers with incomes 

at or below the median income for their area. 

Nearly 45% of the single-family loans acquired in 2022 were 

made to borrowers whose incomes were at or below AMI, and 

over 91% of multifamily units financed were affordable to 

renters whose incomes were at or below AMI. The distribution 

of these families by geography and other factors are 

represented in the maps and charts below.

AMR TABLE 10A: DISTRIBUTION OF FANNIE MAE'S SINGLEFAMILY OWNER-OCCUPIED MORTGAGE PURCHASESAMR TABLE 10B: DISTRIBUTION OF FANNIE MAE'S 

MULTIFAMILY MORTGAGE PURCHASES

19 12 U.S.C. § 1723a(n)(2)(B): “include, in aggregate form and by appropriate category, statements of the number of families served by [Fannie Mae], the income class, race, and 

gender of homebuyers served, the income class of tenants of rental housing (to the extent such information is available), the characteristics of census tracts, and the geographic 

distribution of the housing financed.”

12 U.S.C. § 1723a(n)(2)(E): “include, in aggregate form and by appropriate category, the data provided to the [FHFA] under subsection (m)(1)(B) [i.e., the LTV ratios of purchased 

mortgages at the time of origination].”

Qualifying 

Low-Income 

Purchase Money 

Mortgages

Qualifying Very 

Low-Income 

Purchase Money 

Mortgages

Qualifying 

Low-Income Area 

Purchase Money 

Mortgages

Qualifying 

Low-Income 

Refinance

Mortgages

Total Purchase 

Money 

Mortgages 

Acquired

Total Refinance 

Mortgages 

Acquired

Total

Mortgages 

Acquired

Income More Than 120% of 

Median Income

Income More Than 100% But No 

More Than 120% of Median Income

Income More Than 80% But No 

More Than 100% of Median Income

Income More Than 60% But No 

More Than 80% of Median Income

Income More Than 50% But No 

More Than 60% of Median Income

Income No More Than 50% of 

Median Income

0%

20%

40%

60%

80%

100%

25.08%

21.69%

53.23%

100.00%

13.93%

11.15%

26.41%

26.02%

15.50%

47.73%

6.63% 10.58% 8.35%

6.42%

15.11%

14.91%

42.35%

12.86%

7.30%

16.36%

15.31%

37.93%

12.51%

5.74%

14.14%

14.61%

45.74%

13.13%

30.94%

21.34%

7.00%

AMR TABLE 2: DISTRIBUTION OF SINGLE-FAMILY OWNER-OCCUPIED MORTGAGES BY INCOME CLASS OF MORTGAGOR(S)

19

75 203,408 0 86,349

Annual Housing Activities Report 2022 10
Affordable at More Than 120% of 

Median Income

Affordable at More Than 100% 

but No More Than 120% of 

Median Income

Affordable at More Than 80% but No 

More Than 100% of Median Income

Affordable at More Than 60% but No 

More Than 80% of Median Income

Affordable at More Than 50% but No 

More Than 60% of Median Income

Affordable at More Than 30% but No 

More Than 50% of Median Income

Affordable at No More Than 30% of 

Median Income

0%

20%

40%

60%

80%

100%

Qualifying Very Total Units Financed

Low-Income Purchase

Qualifying Low-Income

Purchase

28.20%

22.08%

8.17%

41.56%

73%

27%

21.68%

3.70%

16.98%

13.76%

4.86%

6.28%

31.96%

100%<LTV

95%<LTV<=100%

90%<LTV<=95%

80%<LTV<=90%

60%<LTV<=80%

0%<LTV<=60%

0%

20%

40%

60%

80%

100%

Total

Acquired

Total Refinance

Mortgages

Acquired

Total Purchase

Money

Mortgages

Acquired

Qualifying

Low-Income

Refinance

Mortgages

Qualifying 

Low-Income

Area Purchase

Mortgages

Qualifying Very

Low-Income

Purchase

Mortgages

Qualifying 

Low-Income 

Purchase

Mortgages

31.72%

20.38%

13.75%

13.29%

20.86%

29.31%

23.40%

18.16%

11.76%

17.37%

31.02%

18.01%

9.25%

14.79%

26.93%

0.32%

1.37%

0.01%

58.30%

40.00%

37.18%

10.70%

11.07%

16.32%

24.73%

0.01%

0.52%

49.54%

48.09%

1.84%

10.02%

0.01%

27.80%

41.93%

14.19%

6.05%

AMR TABLE 3A: DISTRIBUTION OF RENTAL UNITS FINANCED BY MULTIFAMILY MORTGAGES BY AFFORDABILITY OF RENT

AMR TABLE 11: DISTRIBUTION OF SINGLE-FAMILY OWNER-OCCUPIED MORTGAGE PURCHASES BY LTV CATEGORY

AMR Table 11 provides the LTV ratios of single-family mortgages on owner-occupied properties purchased by Fannie Mae.

The income class, race, and gender of homebuyers served, the characteristics of the census tracts, and the geographic distribution 

of the housing financed are set forth in more detail on AMR Tables 2, 3A, 3B, 4, 5A, 6, 7, 8A, 8B, 9, 10A, 10B, and 10C.

Fannie Mae’s low down payment products, such as HomeReady and HFA Preferred, help enable very low- and low-income 

borrowers to purchase homes.

Annual Housing Activities Report 2022 11
We provide access to first-time homebuyers

Our efforts, including those described in the next section, 

supported over 540,000 first-time homebuyers to purchase a 

home in 2022, representing more than 45% of single-family 

mortgage acquisitions despite it being a challenging year 

for homeownership.21

The percentage of single-family home purchase mortgages 

acquired by Fannie Mae on owner-occupied properties made 

to first-time homebuyers in 2022 under special products and 

programs (or revisions to conventional products) included 

the following:

Sweat equity flexibility of HomeReady

Fannie Mae’s HomeReady product offers underwriting 

flexibilities that help responsibly expand access to 

credit. As a long-term recovery strategy, Chipola Area 

Habitat for Humanity (CAHFH) committed to the resilient 

rebuilding of Jackson and Washington Counties in 

the Florida Panhandle area, with the goal of ensuring 

that Habitat client partners have equitable access to 

affordable housing structures and equitable access to 

mortgage financing. 

Through a partnership between Fannie Mae, CAHFH, and 

Auburn University Rural Studio, in 2022 a woman named 

Tracy became a first-time homeowner and was the first 

recipient of a sweat equity conventional mortgage. 

Tracy spent a significant amount of time putting 

sweat equity hours into her home and participating 

in Habitat-sponsored build events such as the CAHFH 

Women’s Build and the Chipola Street Development 

groundbreaking ceremony. She moved into one of 

the four new Rural Studio homes that were part of 

the Chipola Street Development in rural Marianna, 

Florida—a Hurricane Michael-impacted area. In 2018, 

Hurricane Michael damaged 60,000 homes in Florida. 

Each of the four new homes was built to Insurance 

Institute for Business & Home Safety’s (IBHS) FORTIFIED

Gold rating to ensure the utmost resiliency, particularly 

during high-wind storms and hurricanes. They also 

received the Florida Green Building Certification 

Platinum and Energy Star 3.1, which made the 

loan eligible for Fannie Mae’s Single-Family Green 

Bond program.

The HomeReady product allows nonprofit 

housing providers like Habitat to credit 

future owner and volunteer labor to count 

as “equity” which is captured as a credit 

that the homeowner can use toward their 

down payment. In this instance, a sweat 

equity conventional mortgage creates a 

comparable affordable option to Habitat’s 

traditional financing.

20 12 U.S.C. § 1723a(n)(2)(D): "include statements of the proportion of mortgages on 

housing consisting of 1 to 4 dwelling units purchased by [Fannie Mae] that have 

been made to first-time homebuyers, as soon as providing such data is practicable, 

and identifying any special programs (or revisions to conventional practices) 

facilitating homeownership opportunities for first-time homebuyers.”

21 Fannie Mae has relied on information provided by its lenders to identify units 

occupied by first-time homebuyers. Fannie Mae’s Single-Family Selling Guide

provides that a first-time homebuyer is an individual who (1) is purchasing the 

security property; (2) will reside in the security property as a principal residence; 

and (3) had no ownership interest (sole or joint) in a residential property during 

the three-year period preceding the date of the purchase of the security property. 

In addition, an individual who is a displaced homemaker or single parent also will 

be considered a first-time homebuyer if he or she had no ownership interest in a 

principal residence (other than a joint ownership interest with a spouse) during the 

preceding three-year time period.

22 This standard mortgage product allows LTV ratios up to a maximum of 97% for 

purchase transactions if at least one borrower is a first-time homebuyer.

Products and Initiatives Percentage of Mortgages Made 

to First-Time Homebuyers

HomeReady 82.58%

HFA Preferred 94.79%

97 LTV22 100.00%

Non-HFA Community Seconds 92.49%

20
We lower barriers to housing for low- and moderate-income 

and underserved households

There are many obstacles facing people wanting to buy a home 

— especially for low- to moderate-income families. Fannie Mae 

is committed to helping remove these barriers through updated 

policies, products, and programs to provide access to credit.

New initiatives to address the barrier 

of insufficient credit history 

Fannie Mae made significant credit policy enhancements 

and made efforts to increase take-up to help lenders 

responsibly qualify more aspiring homebuyers for mortgage 

credit, including:

• In September 2021, we began enabling lenders to 

incorporate a borrower’s positive rent payment history in 

the mortgage credit evaluation process through DU.

◦ Fannie Mae took steps in 2022 to drive awareness 

and adoption of recurring rental payment history to 

build credit.

◦ We conducted national outreach to lenders, housing 

counseling agencies, and prospective first-time 

homebuyers to increase awareness of this new offering 

and benefits.

• Also in September 2021, we began using an average 

median credit score to determine whether a loan meets 

the minimum 620 credit score requirement helping 

lenders responsibly qualify more aspiring homebuyers for 

mortgage credit.

41%

identified specifically as 

Black or Latino/Hispanic

50%

of these borrowers 

identify as minorities

Since September 2021, approximately 3,400 mortgage 

applications benefited from positive rent payment 

history by becoming approved-eligible.24

Through December 2022, approximately

26,000

loan applications benefited.

Of the applications that benefited, 

40%

of the borrowers self-identified as minority.

23 12 U.S.C. § 1723a(n)(2)(G): “assess underwriting standards, business practices, repurchase requirements, pricing, fees, and procedures that affect the purchase of mortgages 

for low- and moderate-income families, or that may yield disparate results based on the race of the borrower, including revisions thereto to promote affordable housing or 

fair lending.”

24 Fannie Mae supplied data from September 2021 – December 2022.

23

“We didn't know what positive rent was. 

We learned from our loan officer that 

the process was easier than we thought. 

Consistently paying rent was actually 

going to help us buy a home,” 

said Jessie and Greg, renters turned homeowners.

Annual Housing Activities Report 2022 13
• In September 2022, we launched the Multifamily Positive 

Rent Payment Reporting pilot program, which allows 

eligible multifamily property owners to more easily 

share timely rent payment data to the three major credit 

bureaus for incorporation in a renter’s credit profile. 

From September 2022 through January 2023, the data 

has shown:

• In December 2022, Fannie Mae updated DU to further 

simplify the process for loans where borrowers do not have 

a credit score. The changes included updated eligibility 

criteria, an option for lenders to include an evaluation of 

a borrower's monthly cash flow over a 12-month period 

to potentially enhance their credit risk assessment, and 

automating the current Selling Guide policy requirement 

to document nontraditional sources of credit.

New initiatives to address down 

payment and closing costs barriers

• We allowed the use of lender-funded grants to provide 

all or part of the down payment, closing costs, financial 

reserves, and certain energy-related improvements.

• We expanded the list of acceptable gift donors to include 

a non-relative who shares a familial relationship with 

the borrower — specifically a former relative, relative of 

domestic partner, or godparent.

New updates to single-family 

pricing to support historically 

underserved borrowers

In November 2022, Fannie Mae eliminated upfront fees for 

certain first-time homebuyers, low-income borrowers, and 

underserved communities to promote sustainable and 

equitable access to affordable housing. 

Highlights include:

HomeReady loans

Loans for first-time homebuyers with 

income at or below applicable AMI limits

Loans meeting Duty to Serve25

requirements

HFA Preferred loans

Expanding support for manufactured 

housing 

Manufactured housing (MH) serves as a meaningful source of 

affordable housing available to low- and moderate-income 

households. In December 2022, Fannie Mae updated our 

MH eligibility criteria to allow financing of more single-width 

manufactured homes by removing the previous 10-year age 

maximum. This expansion represents an additional investment 

in low- and moderate-income consumers’ purchasing power in 

these homes. 

Launched multi-year Equitable 

Housing Finance Plan 

Fannie Mae’s Equitable Housing Finance Plan outlines specific 

steps we are taking to further our commitment to advancing 

racial equity in housing finance in a safe and sound manner 

for the housing finance system and the renters and borrowers 

we serve. 

65% of residents

with a new or existing credit score saw an 

increase in their credit score.

Over 140,000

units have opted into the program across 

approximately 750 properties.

7K residents

established new credit scores.

For those who have a credit score and saw 

improvement, the average increase was

~45 points.

25 The Housing and Economic Recovery Act of 2008 requires us to serve very low-, low- and moderate-income families in three specified underserved markets: manufactured 

housing, affordable housing preservation and rural housing.

Annual Housing Activities Report 2022 14
We are developing and executing initiatives to help address 

the enduring effects of systemic discrimination against Black 

renters and homeowners. While our actions aim to address 

the obstacles faced by Black renters and homeowners as they 

seek affordable housing and access to housing finance, we 

expect they will benefit renters and borrowers in all population 

groups. The initial iteration of our plan focuses on three areas, 

specifically 17 actions, that span across the consumer housing

journey where we believe we can make the most impact: 

Our Equitable Housing Finance Plan represents a deeper 

level of strategic coordination and program maturity, but it 

builds upon established offerings Fannie Mae has developed 

over decades. 

Commitment to fair lending

Fannie Mae complies with both the letter and spirit of 

applicable laws and regulations related to fair housing and 

lending (Fair Lending Laws). The Fair Lending Laws include 

the Equal Credit Opportunity Act, the Fair Housing Act, 

and the Federal Housing Enterprises Financial Safety and 

Soundness Act of 1992, as amended, and their implementing 

regulations, as well as similar state and local laws. These laws 

prohibit discrimination in housing and lending on the basis of 

certain characteristics. 

Fannie Mae operates in the secondary mortgage market and 

does not originate loans or lend money directly to borrowers 

or lenders. However, we require our lender partners, who lend 

money directly to borrowers, to comply with: 

• Our Selling Guides, which prescribe the requirements 

lenders must follow in order to sell loans to us.

• All federal, state, and local laws and regulations that apply 

to their origination practices, including the Fair Housing 

Act and the anti-discrimination provisions of the Equal 

Credit Opportunity Act.

• All other related state and federal regulations.

When delivering loans to Fannie Mae, lenders provide 

representations and warranties that assert their compliance 

with our Selling Guide and all applicable laws, including antidiscrimination laws and regulations. Thereafter, lenders must 

attest to us on an annual basis that they have policies and 

procedures in place, including regular training for employees 

and contractors, to facilitate and monitor compliance with 

these laws. Those who service loans for Fannie Mae are 

also required to abide by applicable laws and regulations 

dealing with loan servicing, as well as the provisions of our 

Servicing Guides. 

In addition to the lender and servicer requirements related 

to compliance with Fair Housing Laws, Fannie Mae’s Fair 

Lending Program is designed to prevent, identify, measure, 

mitigate, and manage enterprise-wide fair lending risks. The 

program promotes fair and responsible housing practices on 

an enterprise-wide level covering both Fannie Mae’s SingleFamily and Multifamily businesses, including underwriting 

standards, business practices, pricing policies, fee structures, 

and procedures. The Fair Lending Program is administered 

by Fannie Mae’s Fair Lending Group under the direction of the 

Fair Lending Officer. The Fair Lending Group reviews new and 

ongoing policies and initiatives, such as policies that impact 

the eligibility of loans sold to Fannie Mae, mortgage servicing 

policies, appraisal guidelines, models, and marketing materials, 

not only for compliance with the Fair Lending Laws, but also 

with a view toward increasing equity in the home lending and 

rental markets. The group also conducts enterprise monitoring 

of fair lending risk as well as periodic testing and targeted 

reviews to evaluate fair lending compliance. The Fair Lending 

Group develops and delivers fair lending training to employees 

taking into consideration their job responsibilities and 

Fannie Mae’s fair lending risks. Fair lending is also covered as 

part of our enterprise-wide training provided to all employees.

Housing preparation:

Helping consumers prepare early 

for sustainable homeownership 

and access to quality rental housing 

through establishing strong financial 

and credit foundations.

Renting or buying:

Removing unnecessary obstacles in 

shopping for, acquiring, renting, or 

financing the purchase of a home. 

Moving in and maintaining:

Improving the services that help 

sustain housing so that renters and 

homeowners can withstand disruptions 

or crises and remain stably housed. 

Annual Housing Activities Report 2022 15
We partner across the industry to expand access 

to affordable housing

Included below are some highlights of our 2022 

engagements with industry partners to make progress for 

underserved markets.

Partnering with HFAs to offer 

HFA Preferred

Throughout the year, Fannie Mae worked with HFAs across the 

country to increase homeownership — particularly for first-time 

homebuyers — using HFA Preferred as a key offering. 

Supporting California Housing Finance 

Agency (CalHFA) Accessory Dwelling 

Unit (ADU) Grant Program

To further the incremental increase of affordable housing 

supply, Fannie Mae assisted its HFA partner CalHFA in its 

ADU Grant Program. Fannie Mae’s role was to help connect 

lenders to the CalHFA program and provide awareness and 

education on how our affordable lending products and ADU 

policy flexibilities can support this type of financing. CalHFA’s 

ADU Grant Program created more housing units in California 

by providing a grant of up to $40,000 to either reimburse predevelopment costs associated with the construction of the ADU 

or buy down interest rates and non-recurring closing costs.

Launched the Affordable Housing 

Collaborative Initiative

In collaboration with the National Council of State Housing 

Agencies, we launched the Affordable Housing Collaborative 

Initiative (AHCI). The purpose of the AHCI is to bring together 

industry experts to formulate potential solutions to confront 

the ongoing housing supply shortage. The first AHCI meeting 

identified opportunities to support the creation and 

preservation of entry-level homes affordable to first-time 

homebuyers, especially in disinvested communities of color.

26 12 U.S.C. § 1723a(n)(2)(K): “describe the activities undertaken by [Fannie Mae] 

with nonprofit and for-profit organizations and with state and local governments 

and housing finance agencies, including how [Fannie Mae’s] activities support the 

objectives of comprehensive housing affordable strategies under [section 105 of 

Cranston-Gonzalez National Affordable Housing Act].”

70

state and local 

HFA relationships

25,000

HFA loans

CalHFA enrolled 25 lenders for the ADU Grant Program 

and committed funds for 2,200 units.

15 

different industry organizations (HFAs, 

lenders, developers/builders, trade 

groups, non-profits, etc.) 

Four focus areas

• Manufactured housing

• Accessory dwelling units

• Builder production 

• Preservation/energy efficiency and resilience

26
Leveraging partnerships to improve 

down payment assistance 

One of the biggest complaints lenders have about using 

external down payment assistance (DPA) programs is that 

they are not standardized and can be cumbersome. There are 

approximately 2,500 different DPA programs from a variety 

of providers. Each provider has its own requirements, forms, 

processes, and procedures, making it difficult for lenders to 

operationalize an efficient program. Lack of standardization 

also increases delivery deficiencies. Fannie Mae is working to 

make DPA easier and more efficient for lenders and borrowers.

In 2022, we partnered with Freddie Mac to standardize the 

subordinate 2nd lien documents, including the notes, security 

instruments, and document completion instructions. An 

industry-wide working group is developing a Common DPA 

program that utilizes this standard set of 2nd lien documents. 

The Common DPA program would also provide a standard 

delivery checklist and reduced/streamlined overlays.

Partnering with Public Housing 

Agencies (PHAs) on the Expanded 

Housing Choice (EHC) initiative

We established partnerships with the PHAs located in Dallas, 

Austin, and Charlotte — the initial target markets for the 

pilot EHC initiative — to assist roll-out and implementation. 

Fannie Mae engaged with the PHAs for feedback on the 

initiative, to understand more about the PHAs and the work 

that they do, and to develop partnerships to drive EHC 

adoption and awareness. We worked with each PHA to create 

a profile of their capabilities and programs to leverage during 

Fannie Mae’s customer outreach and training. 

Working with ROC USA to support 

resident-owned manufacturing 

housing communities

As part of our strategy to support resident-owned 

manufactured housing communities, Fannie Mae partnered 

with National Cooperative Bank (NCB) and ROC USA, a nonprofit organization that has helped residents purchase and 

manage their own manufactured housing communities. 

Through our relationship, Fannie Mae and NCB refinanced a 

155-unit resident-owned community in Alden, New York. By 

preserving this structure, the community was able to obtain 

affordable financing while maintaining the benefits of resident 

ownership, including determining their own lot fees and 

ensuring timely maintenance of roads, utilities, and other 

community infrastructure.

Affordable Housing Advisory Council 

(AHAC) discusses housing inequities, 

affordable supply, and current 

market challenges

The AHAC — established in the Fannie Mae Charter Act — 

brings together leaders from different segments of the housing 

industry with Fannie Mae’s senior management to collaborate 

and share ideas on how best to support the creation and 

sustainability of affordable housing. Council members 

represent a variety of perspectives, including for-profit and 

nonprofit organizations, single-family and multifamily lenders, 

public and private entities, academia, and housing policy 

organizations. Members serve a two-year term and meet twice a 

year for a day-long meeting at our headquarters in Washington, 

DC. The topics discussed in 2022 included addressing inequities 

in housing, reducing the affordable housing supply gap, 

Fannie Mae’s Equitable Housing Finance Plan, and affordability 

challenges in the current market.
Housing

stability

Our responsible underwriting promotes housing stability

Serving very low-, low-, and moderate-income households is a fundamental part of Fannie Mae’s mission, and we design our 

underwriting standards, business practices, and procedures to balance the company’s multiple objectives of serving consumers 

of modest means, meeting our liquidity mission, and appropriately addressing credit risk. We believe that Fannie Mae’s rigorous 

underwriting standards help ensure that borrowers are prepared to meet the obligations of homeownership over the long term.

Single-Family

Fannie Mae’s Selling and Servicing Guides set out the current 

eligibility and ongoing administration requirements for loans 

we can acquire. Lenders use DU to determine whether a specific 

loan is eligible for sale to Fannie Mae. Using an automated 

underwriting system helps bring greater consistency for loans 

being sold to Fannie Mae, rather than having over a thousand 

lenders manually underwrite loans using the Guide standards. 

We regularly review and enhance our underwriting standards to 

best serve borrowers while appropriately addressing credit risk 

to reduce the risk of default.

Multifamily

Fannie Mae provides financing to the commercial mortgage 

market by acquiring multifamily loans primarily from its 

national network of DUS® lenders. The DUS program grants 

approved lenders the ability to underwrite, close, and sell 

loans on multifamily properties to Fannie Mae without prior 

Fannie Mae review. These DUS lenders must abide by rigorous 

credit and underwriting criteria, have their firms be subject to 

ongoing credit review and monitoring, and share the risk of loss 

if a loan defaults. 

DU performs a comprehensive evaluation 

of the primary and contributory risk 

factors of a mortgage. 

DUS lenders generally retain a risk 

position in the loans that they sell 

to Fannie Mae. 

In this section, we discuss how we help keep renters and borrowers in their homes and provide stability to markets in all times, 

in a safe and sound manner. Learn about our industry partnerships and how we work to support housing stability by investing in 

homeownership and financial education as well as working to prevent displacement and insecurity — and market disruption — 

when disasters strike.

Annual Housing Activities Report 2022 18
We support stable housing for renters and borrowers

Homebuyer education 

Part of our role as an industry leader is to educate renters, 

homebuyers, and homeowners on what it takes to responsibly 

rent, buy, and own a home. This year, we launched multiple 

programs aimed at helping consumers understand the 

common barriers and ways to overcome them. 

Our vision is to deliver a continuum of educational resources, 

where multiple approaches at distinct points in an individual’s 

renting and homeownership journey can build upon each other 

for cumulative effect. 

In 2022, Fannie Mae launched HomeView, a consumer-facing 

homeownership education course that aligns to National 

Industry Standards for Homeownership Education and 

Counseling and meets Fannie Mae's requirements for prepurchase education for many first-time homebuyers for certain 

mortgage products, including low down payment loans such 

as HomeReady. Through this course, we are providing tools to 

make sure first-time homeowners are well prepared with the 

knowledge they need to be successful.

27

27 12 U.S.C. § 1723a(n)(2)(G), footnote 23.

28 Users who were exposed to our message.

HomeView was designed to address 

misperceptions or a lack of knowledge about 

homebuying and the mortgage qualification 

process that discourage some renters from 

pursuing homeownership. 

Fannie Mae also partners with organizations 

that provide fundamental financial capability 

education and resources delivered early in 

participants’ financial life cycles. 

19

webinars held

4,181 

lenders, real estate professionals, 

and other stakeholders trained 

on Fannie Mae affordable 

mortgage products

Launched HomeView education course 

including a Spanish language version

Fannie Mae homebuying barrier and 

financial resiliency education outreach

Partnership with Junior Achievement 

to educate youth and young adults 

on homeownership

By the end of December 2022, 

over 178,000 

first-time homebuyers completed the course 

and earned their certificate of completion

Engaged28

16.6 million 

diverse consumers on key homebuying barriers 

and financial resiliency educational programs

Expected to reach approximately 

1.5 million 

students by 2026

In addition to educating consumers, we are committed 

to educating our partners (e.g., lenders, real estate 

agents) across the industry on affordable lending 

products and policies.

Annual Housing Activities Report 2022 19
Fannie Mae requires that MHC borrowers implement

protections for tenant site leases within a year of delivery.

Building a pipeline of construction industry skills to help provide 

housing stability

The Guilford County School district launched the Safer 

Together Green Housing initiative to expand the North 

Carolina district’s high school Career and Technical 

Education curriculum to include elements of carpentry, 

green construction techniques, weatherization, and 

other multi-industry skills such as geospatial technology 

through the Fannie Mae Sustainable Communities 

Innovation challenge.

Through partnerships with local affordable housing 

providers and construction industry practitioners, the 

program provides students hands-on learning experiences 

and paid apprenticeships to rehabilitate and build 

affordable homes for low-income residents.

The program, which enrolled 38 students for the 

2022 – 2023 school year and 58 since it began, is building 

a pipeline of skilled students able to enter the construction 

industry. In addition to the classroom lessons, the 

students receive real-world experiences. With Community 

Housing Solutions, Habitat for Humanity Greater 

Greensboro, and Tiny Homes Community Development, 

the students worked on seven affordable single-family 

homes between 2021 and 2022. 

TSLPs afford tenants of MHCs certain rights in areas 

where state law does not already provide mandatory 

tenant protections. 

In 2022, we began requiring that TSLPs must be 

implemented on 100% of site leases — both owneroccupied and tenant-occupied — for all new MHC 

loans. TSLPs preserve the affordability and stability of 

MHCs across the country and are an important tool to 

safeguard the rights of tenants. Our TSLP requirements 

go above and beyond most current state and local 

requirements. This builds on our work in 2021, when 

we introduced a simplified method for implementing 

the protections, which reduced the operational effort 

for owners to implement and ensured that community 

residents received notice of the protections available 

to them.

Expanded tenant site lease protections

Fannie Mae is committed to expanding and strengthening tenant protections in the manufactured housing communities (MHCs) 

that we finance. Tenant site lease protections (TSLPs) serve to preserve the affordability and stability of MHCs across the country. 

Residents in MHCs typically own the manufactured home in which they reside. However, the property, or “site,” on which the 

manufactured home sits is rented from the MHC by the owner of the manufactured home.

30-day 

written notice of 

rent increases

5 

new site lease 

tenant rights 

One-year

renewable term 

for the site lease

5-day 

grace period for late 

rent payments

Annual Housing Activities Report 2022 20
Trends in delinquency and default rates of mortgages 

secured by housing for low- and moderate-income families

Fannie Mae’s underwriting standards support market stability 

by providing sustainable financing while promoting credit 

access for low- and moderate-income borrowers. The chart 

below reports 90-day delinquencies occurring within the first 

12 months of acquisition and defaults (defined as a foreclosure 

sale, deed-in-lieu of foreclosure, pre-foreclosure sale, or thirdparty sale, at any time during the life of the loan) on loans made 

to low- and moderate-income borrowers compared to loans 

made to borrowers with incomes above the median level, by 

acquisition year.30 It shows that single-family mortgage loans 

serving low- and moderate-income borrowers generally have 

higher rates of delinquency and default than loans serving 

borrowers with incomes above the median level. 

This analysis is based on income relative to AMI and does not 

control for other risk dimensions, such as LTV ratio or credit 

history. In 2022, 90-day delinquency rates for both income 

groups dropped significantly from elevated levels experienced 

during the height of the pandemic. Information regarding 

serious delinquency and default performance is based on 

acquisitions through December 2021 with loan performance 

reported through December 2022. 

29

29 12 U.S.C. § 1723a(n)(2)(I): “describe trends in the delinquency and default rates of mortgages secured by housing for low- and moderate-income families that have been 

purchased by [Fannie Mae], including a comparison of such trends with delinquency and default information for mortgage products serving households with incomes above 

the median level that have been purchased by [Fannie Mae], and evaluate the impact of such trends on the standards and levels of risk of mortgage products serving low- and 

moderate-income families.”

30 Since 2010, Fannie Mae no longer tracks single-family unit-level affordability data. To ensure consistency comparing loans from 2000 onward, this analysis is based upon 

borrowers’ income relative to the AMI. Additionally, this analysis only pertains to owner-occupied principal residences.

31 Sample used: unseasoned, conforming, conventional, owner-occupied, first-lien, non-reverse mortgages, excluding Growing-Equity Mortgages, Graduated Payment Mortgages, 

and loans missing affordability data. During the period 2006 through and including 2008, acquisitions of mortgage loans to borrowers of all income categories had a higher risk 

of delinquency and default. In addition, the likelihood of 90-day delinquency percentages shown are static and only reflect if a loan went delinquent in the first year.

RELATIVE 90-DAY DELINQUENCY AND DEFAULT RATES BETWEEN SINGLE-FAMILY LOANS SERVING LOW- AND MODERATEINCOME FAMILIES AND LOANS SERVING FAMILIES WITH INCOME ABOVE THE MEDIAN LEVEL, BY YEAR31

Acquisition Year Income Group Average Rate of 

90-day Delinquency Percent Difference Average Rate 

of Default Percent Difference

2005 Above Median Income 0.559% 6.527%

Low-Mod Income 1.221% 119% 9.485% 45%

2006 Above Median Income 0.991% 11.743%

Low-Mod Income 2.108% 113% 14.978% 28%

2007 Above Median Income 2.838% 13.917%

Low-Mod Income 4.152% 46% 18.846% 35%

2008 Above Median Income 2.002% 5.372%

Low-Mod Income 2.901% 45% 8.949% 67%

2009 Above Median Income 0.176% 0.621%

Low-Mod Income 0.361% 105% 1.563% 152%

2010 Above Median Income 0.133% 0.532%

Low-Mod Income 0.299% 125% 1.388% 161%

Annual Housing Activities Report 2022 21
RELATIVE 90-DAY DELINQUENCY AND DEFAULT RATES BETWEEN SINGLE-FAMILY LOANS SERVING LOW- AND MODERATEINCOME FAMILIES AND LOANS SERVING FAMILIES WITH INCOME ABOVE THE MEDIAN LEVEL, BY YEAR (CONTINUED)

Acquisition Year Income Group Average Rate of 

90-day Delinquency Percent Difference Average Rate 

of Default Percent Difference

2011 Above Median Income 0.116% 0.339%

Low-Mod Income 0.275% 136% 0.937% 177%

2012 Above Median Income 0.115% 0.314%

Low-Mod Income 0.267% 132% 0.884% 182%

2013 Above Median Income 0.108% 0.293%

Low-Mod Income 0.289% 168% 0.937% 220%

2014 Above Median Income 0.138% 0.242%

Low-Mod Income 0.329% 138% 0.778% 221%

2015 Above Median Income 0.108% 0.121%

Low-Mod Income 0.260% 141% 0.388% 220%

2016 Above Median Income 0.142% 0.068%

Low-Mod Income 0.274% 94% 0.251% 268%

2017 Above Median Income 0.423% 0.065%

Low-Mod Income 0.500% 18% 0.220% 240%

2018 Above Median Income 0.209% 0.055%

Low-Mod Income 0.420% 101% 0.167% 206%

2019 Above Median Income 2.607% 0.015%

Low-Mod Income 2.798% 7% 0.057% 280%

2020 Above Median Income 1.119% 0.002%

Low-Mod Income 1.337% 19% 0.013% 559%

2021 Above Median Income 0.325% 0.001%

Low-Mod Income 0.477% 47% 0.005% 369%

Annual Housing Activities Report 2022 22
We keep people in their homes during hardship

While the number of renters and homeowners facing hardship 

from the COVID-19 pandemic declined in 2022, Fannie Mae 

continued to help those renters and homeowners still in need 

to understand their relief options and stay in their homes. We 

continued our Here to Help marketing campaign and outreach 

to renters and homeowners facing hardship through April 2022. 

We also continued our RefiNow messaging to encourage those 

in need to consider refinancing as an option. Our COVID-19-

related policy updates and relief options helped keep nearly 

1.5 million at-risk families in their homes.

Fannie Mae’s loss mitigation strategy sets standards for 

timely resolution when borrowers experience financial 

distress. Our policies require servicers to intervene early to 

address mortgage loan delinquency and provide alternatives 

to foreclosure. First and foremost, the servicer is required 

to engage with the borrower on options for resolving the 

delinquency. The servicer is required to determine whether 

a borrower qualifies for a home retention solution before 

considering foreclosure or foreclosure alternatives. If no home 

retention solutions are viable, Fannie Mae works to avoid 

foreclosure. Pre-foreclosure sales (“short sales”) and deeds-inlieu of foreclosure are available options to minimize disruption 

to homeowners’ lives and damage to their credit histories. To 

promote consistency across servicers and improved outcomes 

for borrowers, Fannie Mae offers Servicing Management Default 

UnderwriterTM (SMDUTM), an application that automates loss 

mitigation decisions.

There were two notable Servicing Guide updates to help people 

stay in their homes in times of hardship:

An update to LL-2021-02 to require Servicers 

to postpone foreclosure-related activities 

when notified by Homeowner Assistance 

Fund administrators that a borrower has 

applied for mortgage assistance.

SVC-2022-07 provided guidance for 

situations in which mortgage assistance 

funds are used to reinstate accounts that 

are in existing modification trials. Provided forbearance plans on more than 

1.46 million 

single-family loans.

Over 94%

of these loans have resolved their 

forbearance plan by a loan workout 

option, by reinstatement, or by paying 

off the loan.

Annual Housing Activities Report 2022 23
We partner across the 

industry to promote 

housing stability

Beyond our pandemic response, Fannie Mae offers multiple 

channels to help renters and borrowers know their options 

and pursue a path that reduces disruption to their housing and 

finances when they experience a temporary financial hardship 

or find their lives upended by a natural disaster. 

Two major hurricanes — Fiona and Ian — hit the United 

States in 2022, causing widespread damage. Fannie Mae 

communicated with impacted communities through multiple 

channels in English and Spanish to make them aware of the 

housing counseling resources available to them. 

In 2022, Fannie Mae also partnered with nonprofit and for-profit 

organizations, state and local governments, and HFAs to work 

toward a more stable housing market. Highlights include: 

32

3 million 

unique visitors to Fannie Mae’s 

consumer website 

11,000+ 

sessions on default/foreclosure 

prevention, post-modification, or 

disaster recovery counseling 

4.9 million 

engagements with educational content

Engaged with over 

3.4 million 

borrowers 

Received over 

16,000 calls 

to Disaster Response Network and 

Mortgage Help Network

Initiated over 

38,000

disaster-related FLEX Modification 

Trial Starts

Executed over 

43,000

disaster-related FLEX 

Modification conversions

Fannie Mae mortgage 

and rent relief outreach 

Housing Counseling 

sessions 

Modifications related 

to disaster

Fannie Mae’s Disaster Response NetworkTM

offers comprehensive support to help 

people navigate the aftermath of disasters.

Mortgage Help Network offers a HUDapproved counselor to review a borrower’s 

personal situation and explain options.

Educated 950 Fannie Mae-approved 

Servicers on Treasury’s Homeowner 

Assistance Fund to assess operational 

alignment and execution with 

State Administrators

32 12 U.S.C. § 1723a(n)(2)(K), see footnote 26.
Partnering to deliver technical 

assistance to organizations working 

to preserve Section 515 properties

USDA Section 515 Rural Renting Housing Loans are a critical 

source of rental housing finance in rural areas, particularly for 

seniors, people with disabilities, and low-income renters. Since 

the program’s inception, Section 515 Rural Rental Housing 

loans have financed nearly 28,000 rental properties containing 

over 533,000 affordable apartment homes across rural America. 

There is a crucial need to preserve properties with maturing 

Section 515 loans: once properties exit the program, they lose 

Rural Development affordability restrictions, and residents are 

no longer eligible to receive USDA rental assistance.

Fannie Mae partnered with both Enterprise Community 

Partners and the Housing Assistance Council to provide 

technical assistance to support organizations pursuing 

potential Section 515 preservation activities. The path for 

owners to refinance or transfer 515 loans through USDA, 

thereby retaining rental assistance eligibility, is cumbersome 

and complex. Technical assistance is crucial to successfully 

preserving 515 properties, as it can support owners and 

potential buyers in navigating the process, delivering best 

practices and expert knowledge to organizations interested 

in preservation. 

Added new Community First by 

Fannie MaeTM buyers 

Fannie Mae believes that partnering with nonprofit and 

for-profit organizations and state and local governments will 

help to make a fairer and more stable housing industry. Our 

Community First program offers community-minded buyers, 

like nonprofits and public entities, exclusive access to view and 

make offers on Fannie Mae real estate owned properties before 

they become available to the public. This year we added new 

Community First buyers to expand coverage and facilitate sales 

of properties.

17

new approved Community First buyers 

130 

single-family real estate owned 

properties sold to Community 

First buyers in 2022 

$

$ $

276

approved buyers in 43 states 

Added new buyers from six 

states with no previous buyers

Annual Housing Activities Report 2022 25
33 12 U.S.C. § 1723a(n)(F): “Compare the level of securitization versus portfolio activity.”

Liquidity

Our business supports liquidity in mortgage markets

We enable the flow of capital from investors to lenders for the 

purpose of financing residential housing. We do this principally 

by issuing Fannie Mae MBS that are readily traded in the capital 

markets. We create Fannie Mae MBS by placing mortgage 

loans in a trust and issuing securities that are backed by those 

mortgage loans. In a Single-Family “lender swap transaction,” 

a mortgage lender that operates in the primary mortgage 

market generally delivers a pool of mortgage loans to us in 

exchange for Fannie Mae MBS backed by these mortgage loans. 

In addition, Fannie Mae’s Single-Family Whole Loan Conduit 

purchases whole loans directly from small- and medium-sized 

single-family lenders and securitizes them. These securities 

may then be sold into the secondary market.

Our Multifamily business generally creates Multifamily 

Fannie Mae MBS in lender swap transactions in a manner 

similar to our Single-Family business.

33

$684 billion

in liquidity to the single-family and multifamily 

mortgage markets 

Supported

1.1+ million

home purchases and 886,000 refinancings 

598,000 units

of multifamily supported

Over 95% of the housing goals-eligible 

multifamily units we financed in 2022 

were affordable to those earning at or 

below 120% AMI

Fannie Mae is the leading source of financing for residential mortgages in the United States. We provide a reliable source of 

liquidity for mortgage lending to help increase access to affordable home and rental housing finance in all markets, at all times. 

Learn about the ways we support liquidity — including Green and Social Bonds, our support of diverse business partners, and 

our leverage of public programs.

Annual Housing Activities Report 2022 26
Introduced Single-Family Social Index

To increase the attractiveness to investors of Fannie Mae 

MBS, we launched a Social Index that provides additional 

information about the social impact of MBS pools, such as the 

concentration of loans made to low-income and underserved 

borrowers. Specifically in November 2022, Fannie Mae 

announced new social disclosures, the Social Criteria Share 

and the Social Density Score, for its Single-Family MBS. 

The new disclosures are designed to respond to investor 

feedback and aim to provide Single-Family MBS investors with 

insights into socially oriented lending activities while helping to 

preserve the confidentiality of mortgage consumers’ personal 

information. To promote transparency of the new disclosures, 

Fannie Mae published a historical data file with the Social 

Criteria ShareTM and the Social Density ScoreTM for all active 

and inactive MBS pools issued from January 2010 through 

Green and social bonds issued October 2022.

We continued our commitment to green and social 

financing in 2022. In alignment with our Sustainable Bond 

Framework, we issued debt to finance projects we believe 

will have environmental (Green Debt Bonds), or societal 

(Social Debt Bonds) factors or benefits. A portion of these 

bonds meet both program criteria and are included in 

both categories.

$11.8 billion

in Multifamily Social MBS and $773 million 

in Multifamily Social resecuritizations

Total of

$9.1 billion

in Multifamily Green MBS, 

$1.4 billion

in Single-Family Green MBS, and

$781 million 

in Multifamily Green resecuritizations

Securitized

$697 billion

in mortgage loans

$628 billion was related to single-family 

and $69 billion was related to multifamily

Total portfolio acquisitions of 

$278 billion

Included $16.4 billion of delinquent loans 

purchased from our MBS trusts

Dimensions Criteria

Income Low Income Borrowers

Borrower Underserved minorities

First-time homebuyers

Property Low-Income Areas

Minority Tract

High Needs Rural

Designated Disaster Area

Manufactured Housing

The Social Index is contemplated as 

a scoring system comprised of three 

dimensions for which investors have 

expressed interest: income, borrower, 

and property characteristics.

Annual Housing Activities Report 2022 27
Multifamily housing market trends

As described above, Fannie Mae provides liquidity to the 

multifamily market by guaranteeing MBS on multifamily 

properties. We aim to address the rental housing needs of a 

wide range of the population in markets across the country, 

with the substantial majority of our focus on supporting 

rental housing that is affordable to households earning at or 

below the median income in their area. We serve the market 

at all times, rather than moving in and out depending on 

market conditions.

Over the past decade, the U.S. multifamily sector has benefited 

from solid demand, increasing rent growth, and low vacancies 

due to favorable demographic trends, ongoing job growth, 

and continued renter household formations. However, that 

long-term trend was abruptly interrupted late in 2022, and 

demand for multifamily housing plummeted during the 

fourth quarter of 2022 after having been at above-average 

levels earlier in the year. It appears that rental demand has 

been negatively impacted by persistent inflation pressures, 

diminished savings levels of many households, and ongoing 

recession expectations. 

34 12 U.S.C. § 1723a(n)(H): “Describe trends in both the primary and secondary multifamily housing mortgage markets, including a description of the progress made, and any 

factors impeding progress toward standardization and securitization of mortgage products for multifamily housing.”

Based on preliminary third-party data, we estimate that the 

national multifamily vacancy rate for institutional investmenttype apartment properties was 5.5% as of December 31, 2022, 

an increase from an estimated 5.0% as of December 31, 2021, 

but remaining below its average rate of about 5.8% over the last 

15 years.

We estimate that effective rents decreased by 0.8% during the 

fourth quarter of 2022, compared with an increase of 1.0% 

during the third quarter of 2022 and an increase of 3.0% in the 

fourth quarter of 2021. As a result, we believe annualized rent 

growth for 2022 was an estimated 4.75%.

Multifamily construction underway remains elevated. 

Preliminary data shows that more than 470,000 multifamily 

units were delivered in 2022. More than 780,000 multifamily 

units are slated to be delivered in 2023, which would be a peak 

over the past 10 years. 

According to recent data from Real Capital Analytics, sales of 

multifamily properties valued at $2.5 million or greater totaled 

an estimated $294 billion in 2022 — a substantial amount 

— making 2022 the second-highest year in terms of annual 

multifamily property sales, compared to first-place 2021’s 

$353 billion.

34

Source: Fannie Mae MF ESR

ESTIMATED MULTIFAMILY RENT AND VACANCY

Annual Housing Activities Report 2022 28
While there were several signs of a cooldown of multifamily 

fundamentals later in 2022, sales volume reached the highest 

level ever seen year-to-date through the third quarter. We 

believe the elevated activity seen in the beginning of the year 

was driven in large part by investors rushing to get into the 

market before interest rate hikes made financing too difficult 

or expensive. But even with a slowdown in activity, prices 

continued to increase. The capitalization rate is the expected 

rate of return on a multifamily property, meaning that the 

lower the capitalization rate, the higher the value. Multifamily 

capitalization rates remained low in 2022, at a national 

estimated level of 4.9% through the end of the year, as seen in 

the chart above. 

Standardization and securitization

Over the past three decades, there has been a continual move 

toward standardization and more transparent disclosure 

in commercial real estate securitizations. Standardization 

of securitized financings and their associated disclosures 

promotes liquid trading in the capital markets. 

Transparent, liquid trading allows for the efficient origination 

and pricing of multifamily mortgage loans by market 

participants and the placement of those loans, as MBS, in the 

investor market. 

Fannie Mae’s DUS platform allows lenders to swap each 

multifamily loan for a standardized, tradeable MBS, which 

shares the characteristics of the underlying loan. Fannie Mae 

Multifamily MBS are predominantly single-loan securitizations 

that allow lenders to auction every MBS rate lock to multiple 

bidders. This allows for the best execution for borrowers and 

instantly transfers interest-rate risk to private capital at rate 

lock, with no aggregation risk for Fannie Mae or our lenders. 

To further increase the liquidity of multifamily mortgages, 

Fannie Mae created Guaranteed Multifamily Structures 

(GeMSTM), which are structured securities backed by Multifamily 

MBS previously issued by Fannie Mae. GeMS are sold primarily 

to institutional investors who might not otherwise invest in 

Multifamily MBS.

$69.2 billion

in multifamily MBS, which 

accounted for over 99 percent of 

our multifamily production 

$781 million

were Green GeMS which 

were backed by multifamily 

Green MBS

Issued $5.3 billion

of multifamily structured securities 

through 8 Real Estate Mortgage 

Investment Conduit transactions as 

part of our GeMSTM program

2022 multifamily standardization and securitization highlights:

Source: MSCI Real Capital Analytics

NATIONAL APARTMENT SALES VOLUME AND CAPITALIZATION RATES
We support diverse business partners

In our role providing liquidity to the mortgage market, 

Fannie Mae strives to maintain relationships with lenders that 

serve diverse populations—including geographically diverse 

segments—and to work with diverse-owned broker dealers in 

the capital markets. 

The following table sets forth the volume of mortgages 

purchased in 2022 from lenders identified as minority- or 

women-owned, and community-oriented lenders.36

Single-Family

In 2022 we continued our engagement with single-family 

minority-owned lenders, collectively known as the Lender 

Diversity Council (LDC), to increase diversity and inclusion 

within the single-family lender network. Through the LDC, 

Fannie Mae provides tools and resources to minority-owned 

lenders to scale their business. 

• Held monthly meetings to effectively partner on lenders’ 

goals, maximize customers’ competitiveness, and 

enable greater mortgage access to underserved and 

minority communities.

• Provided training sessions on loan servicing, the loan 

manufacturing process, mortgage loan products, and 

consumer tools, including HomeView and the down 

payment assistance search tool.

• Provided training on cyber security, data protection, and 

cyber resilience.

• Created individual LDC account plans to focus on 

customers’ goals, objectives, and initiatives.

Multifamily

Multifamily undertook several initiatives in 2022 aimed at 

increasing diversity within our lender network, including: 

• Approved Basis Multifamily Finance I, LLC as a new DUS 

lender. Basis is a subsidiary of Basis Investment Group, 

one of the only African American female majority-owned 

and led commercial real estate investment firms in the 

United States. 

• Completed an assessment of the multifamily finance 

industry to identify other potential eligible diverse lenders, 

and developed plans for promoting diversity across 

the industry.

• Remained actively involved with the DUS Diversity, Equity 

and Inclusion Subcommittee formed in conjunction with 

multifamily lenders. 

ACCESS® program

Established in 1992, Fannie Mae’s ACCESS program provides 

opportunities for diverse-owned broker-dealer firms to 

distribute our fixed-income securities to the capital markets. 

We include ACCESS dealers in our debt issuance transactions, 

credit risk transfer transactions, MBS trading transactions, and 

other capital markets activities. It is a core part of Fannie Mae's 

commitment to diversity, equity, and economic inclusion. 

ACCESS also complements our ongoing efforts to build a 

diverse workforce, support diverse suppliers and vendors, and 

bring diversity to our industry.

Seller/Servicer Type Volume of Mortgages

Minority-or women-owned $32.61B

Women-owned $3.53B

Community-oriented lenders $136.68B

35 12 U.S.C. § 1723a(n)(2)(J): “describe in the aggregate the seller and servicer network 

of [Fannie Mae], including the volume of mortgages purchased from minorityowned, women-owned, and community-oriented lenders, and any efforts to 

facilitate relationships with such lenders.”

36 For these purposes, a “community-oriented lender” is defined as a financial 

institution with total assets of less than $1.503 billion as of Dec. 31, 2021. This 

definition parallels the definition of “small bank” under the implementing 

regulations of the Community Reinvestment Act (12 C.F.R. § 228.12).

59

multifamily primary 

market lenders

1,657

single-family primary 

market lenders

35

20 firms

owned by women, African American or 

Black, Latino or Hispanic, and servicedisabled veterans.

Annual Housing Activities Report 2022 30
Fannie Mae also provides liquidity to the market in conjunction 

with public subsidy programs. These programs include certain 

single-family and multifamily HUD- and Rural Housing Servicerelated programs and other government-insured and/or related 

programs; mortgages originated by HFAs that benefit from 

federal tax exemption; HFA mortgage revenue bond (MRB) 

issuance; and mortgages that benefit from low-income housing 

tax credits. Some loans may have been made in conjunction 

with more than one public subsidy program, which may result 

in a small amount of overlap.

Housing Finance Agencies (HFA)

Fannie Mae partners with state and local HFAs to offer HFA 

Preferred mortgages to support their mortgage revenue bond 

(MRB) programs. HFAs issue MRBs and use the proceeds 

to finance low-cost mortgages for low-and middle-income 

first-time homebuyers or the production of affordable rental 

apartments to lower-income families. We also provide credit 

enhancement for MRBs to finance multifamily housing.

Low-Income Housing Tax Credit (LIHTC)

LIHTC is a federal program to incentivize equity investments 

in affordable rental housing for low- and very low-income 

households. The federal LIHTC program awards tax credits 

to affordable housing developers, who then exchange the 

tax credits for equity contributions from investors, including 

corporate investors like Fannie Mae, to create and preserve 

affordable housing. The LIHTC program is currently the primary 

We leverage public programs to provide liquidity 

to the market

Acquired 5785 single-family mortgages 

and 471 multifamily mortgages that 

were originated in conjunction with 

public subsidy programs. 

Aggregate unpaid principal balance 

of approximately $1.147 billion and 

$9.7 billion, respectively. 

37

37 12 U.S.C. § 1723a(n)(2)(c): “include a statement of the extent to which the mortgages purchased by the Corporation have been used in conjunction with public subsidy programs 

under Federal law.”

38 Tacoma Housing Authority: In 2016, at least 1,070 youth and young adults in Pierce County were homeless.

mechanism for subsidizing affordable housing production and 

rehabilitation in the U.S. In 2021, FHFA increased the amount

that we can invest in LIHTC to $850 million annually, from 

$500 million previously. 

Our LIHTC equity investments provided a reliable 

source of capital and served as a stabilizing influence on 

affordable housing.

Since we re-entered the LIHTC market in 2018, we have 

provided over $3 billion in equity investments in properties 

throughout the country, including in underserved markets such 

as Native American and farmworker communities, supportive 

housing developments, and disaster-impacted areas.

35,000

affordable units created 

or preserved

Committed all of our 

$1.7 billion

cap over 2021 and 2022

It is estimated that there are over 1,000 

“unaccompanied youth” and young adults in Pierce 

County, Washington,38 many of whom are fleeing 

abusive environments. On their own, they face 

high risks of further abuse, violence, sex trafficking, 

addiction, and other harmful possibilities. Arlington 

Apartments was designed to help these young people 

have an opportunity for a better life.

Arlington Apartments includes 58 units of permanent 

supportive housing for homeless households on the 

Tacoma Housing Authority’s Arlington Drive Youth 

Campus in Tacoma, Washington, which is located 

on 2.7 acres of land. The property includes 48 onebedroom and 10 two-bedroom apartments, with 75% 

of them set aside for homeless and at-risk youths aged 

18 to 24 and the remaining for residents who may be at 

risk for homelessness. Watch the video.

Annual Housing Activities Report 2022 31
Charter Act Requirement Section of 

Charter Act Location in document

Include, in aggregate form and by appropriate category, statements of the dollar volume 

and number of mortgages on owner-occupied and rental properties purchased which 

relate to each of the annual housing goals.

12 U.S.C. § 

1723a(n)(2)(A)

Affordability: Our affordable

housing goals

Include, in aggregate form and by appropriate category, statements of the number of 

families served by the corporation, the income class, race, and gender of homebuyers 

served, the income class of tenants of rental housing (to the extent such information is 

available), the characteristics of census tracts, and the geographic distribution of the 

housing financed.

12 U.S.C. § 

1723a(n)(2)(B)

Affordability: We serve low- and

moderate-income families across

the country

Include a statement of the extent to which the mortgages purchased by the Corporation 

have been used in conjunction with public subsidy programs under Federal law.

12 U.S.C. § 

1723a(n)(2)(C)

Liquidity: We leverage public

programs to provide liquidity to

the market

Include statements of the proportion of mortgages on housing consisting of 1 to 4 dwelling 

units purchased by the corporation that have been made to first-time homebuyers, as soon 

as providing such data is practicable, and identifying any special programs (or revisions to 

conventional practices) facilitating homeownership opportunities for first-time homebuyers.

12 U.S.C. § 

1723a(n)(2)(D)

Affordability: We provide access to

first-time homebuyers

Include, in aggregate form and by appropriate category, the data provided to the [Director] 

under subsection (m)(1)(B) [i.e., the loan-to-value ratios of purchased mortgages at the 

time of origination].

12 U.S.C. § 

1723a(n)(2)(E)

Affordability: We serve low- and

moderate-income families across

the country

Compare the level of securitization versus portfolio activity. 12 U.S.C. § 

1723a(n)(2)(F)

Liquidity: Our business supports

liquidity in mortgage markets

Assess underwriting standards, business practices, repurchase requirements, pricing, fees, 

and procedures that affect the purchase of mortgages for low- and moderate-income 

families, or that may yield disparate results based on the race of the borrower, including 

revisions thereto to promote affordable housing or fair lending.

[Response for this Charter Act Requirement split between Affordability and Stability]

12 U.S.C. § 

1723a(n)(2)(G)

Affordability: We lower barriers

to housing for low- and

moderate-income and 

underserved households

Stability: We support stable housing 

for renters and borrowers

Describe trends in both the primary and secondary multifamily housing mortgage markets, 

including a description of the progress made, and any factors impeding progress toward 

standardization and securitization of mortgage products for multifamily housing.

12 U.S.C. § 

1723a(n)(2)(H)

Liquidity: Multifamily housing

market trends

Describe trends in the delinquency and default rates of mortgages secured by housing for 

low- and moderate-income families that have been purchased by the corporation of such 

trends with delinquency and default information for mortgage products serving households 

with incomes above the median level that have been purchased by the corporation, and 

evaluate the impact of such trends on the standards and levels of risk of mortgage products 

serving low- and moderate-income families.

12 U.S.C. § 

1723a(n)(2)(I)

Stability: We support stable housing 

for renters and borrowers

Describe in the aggregate the seller and servicer network of the corporation, including the 

volume of mortgages purchased from minority-owned, women-owned, and communityoriented lenders, and any efforts to facilitate relationships with such lenders.

12 U.S.C. § 

1723a(n)(2)(J)

Liquidity: We support diverse

business partners

Describe the activities undertaken by the corporation with nonprofit and for-profit 

organizations and with state and local governments and housing finance agencies, including 

how the corporation's activities support the objectives of comprehensive housing affordable 

strategies under section 105 of Cranston-Gonzalez National Affordable Housing Act.

[Response for this Charter Act Requirement split between Affordability and Stability]

12 U.S.C. § 

1723a(n)(2)(K)

Affordability: We partner across

the industry to expand access to

affordable housing 

Stability: We partner across

the industry to promote

housing stability

Index

Annual Housing Activities Report 2022 32