HUD Extends Comment Period on New Housing Goals for Freddie and Fannie

WASHINGTON – The U.S. Department of Housing and Urban Development extended the comment period on the new housing goals proposed for Freddie Mac and Fannie Mae two weeks from July 2 to July 16. HUD said the extension was due to the July 4th holiday weekend and various requests it received for additional time. The proposed federal regulations would significantly raise the targeted lending requirements for the two housing Government-Sponsored Enterprises. HUD estimates that over the next four years an additional one million low- and moderate-income families would be served as a result of the housing goals. By statute, HUD sets the annual affordable housing goals that require a percentage of Freddie Mac and Fannie Mae’s lending to go to underserved borrowers and communities. When the public comment period expires and HUD has had the opportunity to review the comments it receives, it will publish a Final Rule before it takes effect in 2005.