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

Housekeeping • This webinar is being recorded • and will be available online within one 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

Prosperity Now’s mis ission is to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.

Kate Davidoff Associate Director of Affordable Homeownership Prosperity Now

Today’s Agenda • Overview of Duty to Serve • Multi-Family Finance • Audience Q&A • Single-Family Finance • Audience Q&A

Today’s Speakers Dennis De is Smith Jos Jose Vill illarreal Affordable Lending Manager Product Development Manager Freddie Mac Fannie Mae Cor orey Aber Ben Na Navarro Director of Community Mission & Impact Product Development Manager Finance Fannie Mae Freddie Mac Kate Da Davidoff Associate Director of Affordable Homeownership Prosperity Now

Overview • 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.

Jim Gray, Manager of the Duty to Serve, FHFA https://www.youtube.com/watch?v=UEP8Ase-59c

Duty to Serve Requirements • 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

Plus Extra Credit! • Manufactured homes chattel pilot initiative • Manufactured housing communities with tenant pad lease protections located in states without comparable consumer protections • Residential economic diversity

How Duty to Serve is Implemented • 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

Current Status • 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

Corey Aber Director of Community Mission & Impact Finance Freddie Mac

Jo Jose Villarreal Product Development Manager Fannie Mae

Questions: Multi-Family Finance CA Corey Aber Jo Jose Villa illarreal Director of Community Mission Product Development Manager & Impact Finance Fannie Mae Freddie Mac

Ben Navarro Product Development Manager Fannie Mae

Dennis Smith Affordable Lending Manager Freddie Mac

Questions: Single-Family Finance Ben Navarro Dennis is Smit ith Product Development Manager Affordable Lending Manager Fannie Mae Freddie Mac

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

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