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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 66 September 2024 J O U R N A L The NOFO contains explicit funding for: » Survivors of domestic violence, dating violence, sexual assault, and stalking; » Youth; and » People experiencing the unique chal- lenges of homelessness in rural areas. The NOFO will provide at least $52 million for new rapid re-housing, supportive services, and other activities critical to assist survivors of domestic violence, dating violence, sexual assault, or stalking. Approximately $188 million is available for the competitive and non- competitive renewal and replacement of expiring Youth Homelessness Demon- stration Program (YHDP) grants. HUD recently also made available funding for permanent supportive hous- ing under the new CoCBuilds compe- tition and recent efforts to improve the way CoCs address the needs of youth and young adults through the Youth Homelessness System Improvement Grants, and the FY 2023 Youth Homeless- ness Demonstration Program. FHFA ISSUES NEW HOUSING GOALS FOR FANNIE AND FREDDIE T he Federal Housing Finance Agency (FHFA) has issued a proposed rule that would estab- lish the housing goals for 2025-2027 that Fannie Mae and Freddie Mac (the GSEs) would be required to meet on an annual basis. FHFA is requesting comments on all aspects of the proposed rule during the 60-day public comment period. The housing goals ensure that the GSEs, through their mortgage purchases, responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, and other underserved populations. "Given persistent challenges in the housing market, FHFA is proposing benchmark levels that reflect these dynamics and continue to ensure that the Enterprises remain focused on sup- porting key affordable housing segments while operating in a safe and sound man- ner," FHFA Director Sandra L. Thomp- son said. "The goals proposed today offer a meaningful and realistic calibration that takes into account current and fore- casted economic factors." For the single-family housing goals categories, the Enterprises must meet the benchmark level established in the final rule or meet the actual market level determined retrospectively for the year based on Home Mortgage Disclosure Act (HMDA) data. The proposed rule would establish a new process for evaluating compli- ance with the housing goals. Under the current regulation, if one of the GSEs fails to meet a feasible housing goal, the FHFA may require that the GSE submit a housing plan describing the steps that it will take to improve its performance. The proposed rule would provide that FHFA will not require a housing plan if the GSE's performance met the level required by newly defined Enforcement Factors. These Enforcement Factors ad- dress, in part, the uncertainty in forecast- ing the market several years in advance as well as the time lag in determining the actual market level retrospectively. For the multifamily housing goals categories, the GSEs must meet the benchmark level established in the rule. Each GSE must purchase mortgages on multifamily properties with the target share of units affordable to families in each goal category, as well as meet a subgoal for low-income families in small (five to 50 units) multifamily properties. Since 2010, the FHFA has established annual housing goals for GSE purchases of single-family and multifamily mort- gages consistent with the requirements of the Safety and Soundness Act. The struc- ture of the housing goals and the pa- rameters for determining how mortgage purchases are counted or not counted are defined in the housing goals regulation. The most recent amendments to the housing goals regulation were a final rule published in 2021 to establish benchmark levels for the 2022-2024 single-family housing goals and the 2022 multifamily housing goals, and a final rule published in 2022 to establish benchmark levels for the 2023-2024 multifamily housing goals. Differences in the proposed bench- mark levels relative to prior housing goals are primarily attributable to changes in projected macroeconomic factors that impact market levels for the different affordable housing segments. HUD EXTENDS FLEXIBILITIES TO VICTIMS OF HA- WAII WILDFIRES O ne year after the tragic Maui wildfires, the U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), has announced new actions to support borrowers in Maui County, Hawaii, whose homes were destroyed during the August 2023 wildfires. Effective immediately, eligible borrowers and renters in Maui County who lost their homes and are in the process of rebuilding or buying another home, can continue to use FHA's 203(h) Mortgage Insurance for Disaster Victims program to receive up to 100% financing. This latest action underscores the Biden administration's commitment to rebuilding Maui communities and helping families recover from disaster. The announcements are part of the Biden administration's ongoing coordinated and comprehensive Federal response to ensure the long-term recovery of survivors and impacted communities. The White House outlined the administration's priorities for ongoing and long-term recovery efforts, including moving residents from temporary shelters into longer-term housing solutions, supporting home rebuilding efforts, and ensuring that new homes are climate resilient, so families can stay safe as climate-fueled extreme weather events become more frequent due to climate change.