CDFI Leaders Speak at FHFA Duty to Serve Listening Session
Jamal Habibi
On December 2, the Federal Housing Finance Agency (FHFA) held one of four public listening sessions designed to gather input from the public on Fannie Mae and Freddie Mac’s 2021-2023 Duty to Serve (DTS) plans. DTS requires Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs), to facilitate a secondary market for mortgages on housing for very low-, low-, and moderate-income families in manufactured housing, affordable housing preservation, and rural housing.
Representing OFN at the December 2 public listening session was Jamal Habibi, senior associate of public policy. In discussing the 2021-2023 DTS plans, Habibi stated, “The strength and robustness of the upcoming plans is critical and we encourage the agency to ensure the GSEs propose plans that adequately expand the distribution and availability of single family and multifamily financing for people and families living in these three markets.”
Habibi also highlighted improvements that can be made in each of these three markets as well as the need for the GSEs to enhance support for CDFIs. “CDFIs continue to play a vital role in America’s housing finance system by providing credit, capital, and financial services to support affordable housing and homeownership. The GSEs should expand their partnerships with CDFIs by making equity or equity-like investments, as well as continue to support training and technical assistance that ultimately creates greater access to affordable housing options in distressed communities.”
Joining Habibi at the session were fellow OFN member leaders, including Andrew Jakabovics, vice president of policy development at Enterprise Community Partners; David Lipsetz, CEO at Housing Assistance Council; Jennifer Hopkins, director of single-family housing at New Hampshire Community Loan Fund; and Michael Sloss, managing director at ROC USA Capital.
FHFA will be holding its final listening session via webinar on December 11, 2019. Interested parties may submit a request to attend by emailing DutytoServeStakeholders@fhfa.gov.