FHFA issued a notice of proposed rulemaking (NPR) seeking comments on formalized fair lending oversight rules for Fannie Mae and Freddie Mac (the Enterprises). The proposed rule codifies three things: FHFA’s fair lending oversight requirements of the Enterprises and the Federal Home Loan Banks, requirements for the Enterprises to maintain their Equitable Housing Finance Plans (EHFPs), and the requirements to collect and report homeownership education, counseling, and language preference information from the Supplemental Consumer Information Form. The NPR comes a year and a half after FHFA’s initial announcement that it would require Enterprises to produce EHFPs, and almost a year after the Enterprises’ released their first EHFPs.

“Challenges and barriers continue to limit sustainable housing opportunities for minority, low-income, and senior borrowers, as well as families living in rural areas and on tribal land,” said FHFA Director Sandra Thompson. “The proposed rule will help FHFA ensure that our regulated entities operate in a safe and sound manner as they comply with fair housing laws and serve the public interest.”

The Underserved Mortgage Markets Coalition (UMMC), which NHC is part of, issued a press release praising the decision.

“UMMC has long advocated for a rule making on the Equitable Housing Finance Plans and the undersigned coalition members are pleased to see a proposed rule to ensure the longevity of the EHFPs,” the release reads. “The coalition has long expressed that for the EHFPs to be effective and to continue after this administration, it is critical that FHFA promulgate a rule that will be closely modeled on FHFA’s ‘Duty to Serve’ (DTS) regulation and create a pattern of practice of releasing similarly robust amounts of the EHFP performance data.”

The comment period is open for 60 days after publication in the Federal Register.

HUD announced the second set of rural communities receiving grants and housing vouchers to address homelessness in their areas. The funding includes $171.2 million in grants for 115 projects and 29 Continuum of Care (CoC) communities and follows an initial announcement in February. Last week’s announcement brings the total value of grants to $486 million across 62 communities. Additionally, HUD is offering 3,300 Stability Vouchers, a special allocation of Housing Choice Vouchers, to collaborative applicants partnered with CoC and public housing authorities. A complete list of grantees is available here.

“Housing with supportive services is what solves homelessness, but people in unsheltered settings and in rural areas have not had access to those solutions,” said HUD Secretary Marcia Fudge. “The combination of these grants and vouchers will help and give the communities tools they need to help people who are living on the streets, in encampments, under bridges, or in rural areas obtain permanent housing.”