Home is the foundation of our lives. Everyone deserves to have adequate, affordable housing, and research shows that it has positive impacts on, among other things, children’s development, our health, and the economy overall.
Your home is affordable if you spend 30 percent or less of your income on your monthly rent or mortgage payment plus utilities, according to the U.S. Department of Housing and Urban Development (HUD). But finding an affordable home is a challenge for millions of households nationwide.
Freddie Mac’s commitment to affordable, adequate housing is central to who we are. Our continuous support – in all economic conditions and for markets that might otherwise be neglected – distinguishes us from private funding sources.
Promoting housing affordability is more than about fulfilling our charter mission to provide liquidity, stability, and affordability to the U.S. housing market. It extends to what we call our community mission, which starts with our affordable housing goals and contributions to national affordable housing funds, and continues with our added efforts to stabilize communities, prevent foreclosures, responsibly expand credit and educate consumers.
Our commitment also includes our work to meet the affordable housing goals set annually by the Federal Housing Finance Agency (FHFA) and our contributions to national affordable housing funds. FHFA determined that we met all of our goals in 2016. Based on preliminary information, we also believe that we met all five Single-Family goals and all three Multifamily goals for 2017. FHFA will make a final determination on Freddie Mac’s 2017 performance when market data is released in October 2018.