Fannie Mae and Freddie Mac’s Duty to Serve the ......•Over 39 million U.S. households pay more than 30 percent of their income on housing. •Duty to Serve (DTS) requires that

Fannie Mae and Freddie Mac’s Duty to Serve the Manufactured Housing Market: An Update for 2019

February 26, 2019

2:30 – 4:00 PM EST

Welcome

Justin ChuSenior Program Associate, Field EngagementProsperity Now

• This webinar is being recorded

• and will be available online within one week

• All webinar attendees are muted to ensure sound quality

• Ask a question any time by typing the question into the text box of the GoToWebinar Control Panel

• If you experience any technical issues, email [email protected]

Housekeeping

mailto:[email protected]

Prosperity Now’s mission is to

ensure everyone in our country has a

clear path to financial stability,

wealth and prosperity.

Kate DavidoffAssociate Director of Affordable HomeownershipProsperity Now

• Overview of Duty to Serve

• Multi-Family Finance

• Audience Q&A

• Single-Family Finance

• Audience Q&A

Today’s Agenda

Today’s Speakers

Dennis SmithAffordable Lending ManagerFreddie Mac

Corey AberDirector of Community Mission & Impact FinanceFreddie Mac

Jose VillarrealProduct Development ManagerFannie Mae

Kate DavidoffAssociate Director of Affordable HomeownershipProsperity Now

Ben NavarroProduct Development ManagerFannie Mae

• Over 39 million U.S. households pay more than 30 percent of their income on housing.

• Duty to Serve (DTS) requires that Fannie Mae and Freddie Mac increase housing finance options for low- and moderate-income families.

• Fannie and Freddie began DTS implementation in January 2018. DTS is focused on three markets: manufactured housing, rural housing and affordable housing preservation.

Overview

Jim Gray, Manager of the Duty to Serve, FHFA

https://www.youtube.com/watch?v=UEP8Ase-59c

• Duty to Serve requires Enterprises to take action for:

• Manufactured homes titled as real estate

• Manufactured homes titled as personal property

• Manufactured housing communities owned by government

instrumentalities, nonprofits or residents

• Manufactured housing communities with specified tenant pad lease

protections

Duty to Serve Requirements

• Manufactured homes chattel pilot initiative

• Manufactured housing communities with tenant pad lease protections located in states without comparable consumer protections

• Residential economic diversity

Plus Extra Credit!

• Loan product development and/or loan purchase• Chattel Pilot

• New real estate mortgage products

• Fannie Mae intends to invest in nontraditional owners of manufactured housing

• Outreach• Industry and consumer group task forces

• Participation in industry and consumer-orientated conferences i.e.: I’M HOME

• Research• Loan Shopping Experiences of Manufactured Homeowners

• Lease Protections by State

How Duty to Serve is Implemented

• FHFA annually evaluates and rates the GSEs on their DTS achievements

• Plans were finalized in 2017

• 2018 was the first of the three-year DTS plans

• Since homeowners can live in MH in parks or on their own land, both single- family and multi-family finance is needed

• Today’s speakers will focus on questions from the field around progress on single family, multi-family plans and chattel pilot

Current Status



Questions: Multi-Family Finance

CA





Questions: Single-Family Finance



Additional Resources

• FHFA website• Includes snapshots

• Prosperity Now• I’M HOME network

• St Louis Federal Reserve

About I’M HOME

Since 2005, Prosperity Now and a select group

of national partners have worked to unlock

the potential of manufactured housing

through the Innovations in Manufactured Homes

(I’M HOME) initiative.

Our goal is to transform manufactured homes into valuable family assets offering the

opportunity to build equity and achieve economic security.

Save the Date!This year’s I’M HOME Conference will be in

Portland, Oregon November 18-20.

More information coming soon!

Want to dig deeper?

◼ Adult Matched Savings Network◼ Financial Coaching Network◼ Taxpayer Opportunity Network◼ Campaign for Every Kids Future — Children’s Savings Accounts◼ Affordable Housing Network◼ Racial Wealth Equity Network◼ Innovations in Manufactured Housing (I’M HOME) Network

Visit any of the networks above at prosperitynow.org/getinvolved to get started.

Sign up for listservs and working groups, volunteer to facilitate peer discussions, serve in a leadership role and more!

Take action with Prosperity Now Campaigns!

Homeownership is key to building wealth. Together, we will

advocate for products and policies that

provide more affordable homes to

more people.

HOMEOWNERSHIP

Consumer protections create fairer, more

transparent financial markets. Together, we will ensure consumers

keep the safeguards they deserve.

CONSUMER PROTECTIONS

Safety net programs help protect vulnerable individuals and families from falling deep into poverty. Together, we will protect programs

like SNAP, IDAs and more to help those in need when they need

it most.

SAFETY NET

The vast majority of tax incentives go to those

at the top, not to those who need it most.

Together, we will turn our upside-down tax code right-side up.

TURN IT RIGHT-SIDE UP

Visit any of the Campaigns above at https://prosperitynow.org/take-action to learn more and join.

Sign up to stay informed about the latest developments and opportunities to take action by joining one of our four federal policy campaigns.

Thank you!Please take our survey following the webinar

Documents

Fannie Mae and Freddie Mac’s Duty to Serve the ......•Over 39 million U.S. households pay more than 30 percent of their income on housing. •Duty to Serve (DTS) requires that