Rep. Barragán Leads Letter to Increase Access to Affordable Housing

FOR IMMEDIATE RELEASE

November 13, 2024

Contact: Kevin G. McGuire | 202-538-2386

[email protected]

Washington, D.C. - Today, Congresswoman Nanette Barragán (CA-44) led 19 members of Congress in a letter to the Director of the Federal Housing Finance Agency (FHFA) Sandra Thompson requesting the agency to enhance its proposed benchmarks for Fannie Mae and Freddie Mac's (Enterprises) multifamily affordable housing goals. These standards help ensure that the Enterprises connect housing developments serving low-income households to much-needed capital and increase access to affordable housing.

"To increase our housing stock and alleviate the financial burden tenants face, all actors in our housing system, including Fannie Mae and Freddie Mac, must take critical action to address this shortage" the members wrote. "The Enterprises must continue to play an active role in our housing finance system by providing reliable, robust, and low-cost capital for multifamily properties, especially affordable housing developments."

Specifically, the letter requests the FHFA take the following actions in the final rule:

1. Raise the proposed low-income housing goal.
2. Maintain the current housing goal for units that serve very low-income households.
3. Increase the Low-Income Small (5-50 units) Multifamily Subgoal to above 2.5%.

"With two-thirds of California's low-income renter families struggling with excessive housing costs threatening their ability to pay for other basic expenses, there has never been a greater need for Fannie Mae and Freddie Mac to help. We applaud Representative Barragan's efforts to increase Fannie and Freddie's affordable housing investment goals as an important step." said Matt Schwartz, President and CEO of the California Housing Partnership

You can view the letter text here.

The following Representatives have signed the letter: Reps. Balint (VT-At Large), Bonamici (OR-01), Bush (MO-01), Carter (LA-02), Chu (CA-28), Clarke (NY-09), Garcia (CA-42), Garcia (TX-29), Jackson (IL-01), Jacobs (CA-51), Jayapal(WA-07), Lee (CA-12), Lee (PA-12), Mullin (CA-15), Napolitano (CA-31), Omar (MN-05), Ramirez (IL-03), Schakowsky (IL-09), Tlaib (MI-12).

The following organizations have also endorsed the letter: Local Initiatives Support Corporation (LISC), National Community Reinvestment Coalition,National Housing Law Project, California Housing Partnership

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Congressmember Nanette Barragán represents California's 44^th District. She sits on the House Energy and Commerce Committee and works on environmental justice and healthcare issues. She is also Chair of the Congressional Hispanic Caucus (CHC).