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INVESTMENT GOVERNMENT PROPERTY PRESERVATION
FHFA
INJECTS 1.09
BILLION INTO
AFFORDABLE
HOUSING
e Federal Housing Finance Agency
(FHFA) has announced the disbursement
of $1.09 billion for Fannie Mae and Freddie
Mac's affordable housing allocations for
2020, marking the largest amount ever
disbursed, more than double what was
provided last year.
Approximately $711 million will go to
the U.S. Department of Housing and Urban
Development (HUD) for the Housing Trust
Fund, an increase from the $326.4 million
disbursed for 2019. e sum of $383 million
will go to the U.S. Department of the
Treasury for the Capital Magnet Fund, an
increase from the $175.8 million disbursed
for 2019.
"e more than $1 billion disbursed today
will help produce and preserve affordable
housing throughout the country," FHFA
Director Mark Calabria said. "e record
increase in house prices last year exacerbated
the affordable housing shortage. To help
increase the supply of affordable housing in
our communities, FHFA remains steadfast
in support of the Housing Trust Fund and
Capital Magnet Fund."
Managed by HUD, the Housing Trust
Fund allocates money annually to states and
state-designated entities for the production
or preservation of affordable housing
through the acquisition, new construction,
reconstruction, and/or rehabilitation of non-
luxury housing.
Overseen by the U.S. Department of the
Treasury, the Capital Magnet Fund awards
funds to finance affordable housing activities,
as well as related economic development
activities and community service facilities.
e FHFA continues to provide relief to
the U.S. housing market as just last week, the
Agency extended its COVID-19 mortgage
relief policies, extending temporary measures
(previously set to expire March 31) until the
end of June to all federally backed mortgages
through the same period.
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