Fannie Mae and Freddie Macs Duty to Serve the Manufactured Housing - - PowerPoint PPT Presentation

Fannie Mae and Freddie Mac’s Duty to Serve the Manufactured Housing Market: An Update for 2019

February 26, 2019 2:30 – 4:00 PM EST

Welcome

Ju Justin Chu

Senior Program Associate, Field Engagement Prosperity Now

• This webinar is being recorded
• and will be available online within
• ne week
• All webinar attendees are muted to

ensure sound quality

• Ask a question any time by typing

the question into the text box of the GoToWebinar Control Panel

• If you experience any technical

issues, email gotomeeting@prosperitynow.org

Housekeeping

Prosperity Now’s mis ission is to ensure everyone in

• ur country has a

clear path to financial stability, wealth and prosperity.

Kate Davidoff

Associate Director of Affordable Homeownership Prosperity Now

• Overview of Duty to Serve
• Multi-Family Finance
• Audience Q&A
• Single-Family Finance
• Audience Q&A

Today’s Agenda

Today’s Speakers

De Dennis is Smith

Affordable Lending Manager Freddie Mac

Cor

• rey Aber

Director of Community Mission & Impact Finance Freddie Mac

Jos Jose Vill illarreal

Product Development Manager Fannie Mae

Kate Da Davidoff

Associate Director of Affordable Homeownership Prosperity Now

Ben Na Navarro

Product Development Manager Fannie Mae

• Over 39 million U.S. households pay more than 30 percent of their

income on housing.

• Duty to Serve (DTS) requires that Fannie Mae and Freddie Mac

increase housing finance options for low- and moderate-income families.

• Fannie and Freddie began DTS implementation in January 2018.

DTS is focused on three markets: manufactured housing, rural housing and affordable housing preservation.

Overview

Jim Gray, Manager of the Duty to Serve, FHFA

https://www.youtube.com/watch?v=UEP8Ase-59c

• Duty to Serve requires Enterprises to take action for:
• Manufactured homes titled as real estate
• Manufactured homes titled as personal property
• Manufactured housing communities owned by government

instrumentalities, nonprofits or residents

• Manufactured housing communities with specified tenant pad lease

protections

Duty to Serve Requirements

• Manufactured homes chattel pilot initiative
• Manufactured housing communities with tenant pad lease

protections located in states without comparable consumer protections

• Residential economic diversity

Plus Extra Credit!

• Loan product development and/or loan purchase
• Chattel Pilot
• New real estate mortgage products
• Fannie Mae intends to invest in nontraditional owners of manufactured

housing

• Outreach
• Industry and consumer group task forces
• Participation in industry and consumer-orientated conferences i.e.: I’M HOME
• Research
• Loan Shopping Experiences of Manufactured Homeowners
• Lease Protections by State

How Duty to Serve is Implemented

• FHFA annually evaluates and rates the GSEs on their DTS

achievements

• Plans were finalized in 2017
• 2018 was the first of the three-year DTS plans
• Since homeowners can live in MH in parks or on their own

land, both single- family and multi-family finance is needed

• Today’s speakers will focus on questions from the field around

progress on single family, multi-family plans and chattel pilot

Current Status

Corey Aber

Director of Community Mission & Impact Finance Freddie Mac

Jo Jose Villarreal

Product Development Manager Fannie Mae

Questions: Multi-Family Finance

CA

Jo Jose Villa illarreal

Product Development Manager Fannie Mae

Corey Aber

Director of Community Mission & Impact Finance Freddie Mac

Ben Navarro

Product Development Manager Fannie Mae

Dennis Smith

Affordable Lending Manager Freddie Mac

Questions: Single-Family Finance

Dennis is Smit ith

Affordable Lending Manager Freddie Mac

Ben Navarro

Product Development Manager Fannie Mae

Additional Resources

• FHFA website
• Includes snapshots
• Prosperity Now
• I’M HOME network
• St Louis Federal Reserve

About I’M HOME

Since 2005, Prosperity Now and a select group

• f national partners

have worked to unlock the potential of manufactured housing through the Innovations in Manufactured Homes (I’M HOME) initiative. Our goal is to transform manufactured homes into valuable family assets offering the

• pportunity to build

equity and achieve economic security.

Save the Date!

This year’s I’M HOME Conference will be in Portland, Oregon November 18-20. More information coming soon!

Want to dig deeper?

◼ Adult Matched Savings Network ◼ Financial Coaching Network ◼ Taxpayer Opportunity Network ◼ Campaign for Every Kids Future — Children’s Savings Accounts ◼ Affordable Housing Network ◼ Racial Wealth Equity Network ◼ Innovations in Manufactured Housing (I’M HOME) Network

Visit any of the networks above at prosperitynow.org/getinvolved to get started.

Sign up for listservs and working groups, volunteer to facilitate peer discussions, serve in a leadership role and more!

Take action with Prosperity Now Campaigns!

Homeownership is key to building wealth. Together, we will advocate for products and policies that provide more affordable homes to more people. HOMEOWNERSHIP Consumer protections create fairer, more transparent financial

• markets. Together, we

will ensure consumers keep the safeguards they deserve. CONSUMER PROTECTIONS Safety net programs help protect vulnerable individuals and families from falling deep into

• poverty. Together, we

will protect programs like SNAP, IDAs and more to help those in need when they need it most. SAFETY NET The vast majority of tax incentives go to those at the top, not to those who need it most. Together, we will turn

• ur upside-down tax

code right-side up. TURN IT RIGHT-SIDE UP

Visit any of the Campaigns above at https://prosperitynow.org/take-action to learn more and join.

Sign up to stay informed about the latest developments and opportunities to take action by joining one of our four federal policy campaigns.

Thank you!

Please take our survey following the webinar