The Federal Housing Finance Agency (FHFA) has released its 2025 Annual Housing Report, highlighting how Fannie Mae and Freddie Mac performed in meeting their federally mandated affordable housing goals during 2024. The report fulfills the agency’s obligation under the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, which requires annual transparency into the Enterprises’ mortgage purchase activity and their efforts to support low- and moderate-income households.
The comprehensive document outlines FHFA’s evaluation of the Duty to Serve (DTS) performance of both Enterprises, their progress toward affordable housing benchmarks, and the agency’s ongoing oversight in ensuring that the two government-sponsored enterprises (GSEs) fulfill their public mission responsibly while maintaining financial stability.
What Are the Federal Housing Goals?
Under the Safety and Soundness Act, FHFA is required to set annual housing goals for Fannie Mae and Freddie Mac that guide how the Enterprises purchase and securitize mortgages. These goals are designed to promote access to affordable homeownership and rental housing for low- and moderate-income families, while balancing the Enterprises’ need for sound financial performance and risk management.
In short, the housing goals function as a performance scorecard for the GSEs, measuring how well they advance homeownership opportunities for underserved communities and keep the housing market liquid across economic cycles.
2024 Single-Family Housing Goals
FHFA’s single-family housing goals for 2024 were structured around multiple subcategories, each targeting specific borrower or property types. These included:
- Low-income home purchase goal: Mortgages to families earning no more than 80% of area median income (AMI).
- Very low-income home purchase goal: Mortgages to families earning no more than 50% of AMI.
- Low-income area goal: Loans made to borrowers earning up to 100% of AMI who reside in federally declared disaster areas, as well as mortgages that meet minority and low-income census tract subgoals.
- Low-income refinance goal: Refinance loans for borrowers earning no more than 80% of AMI.
- Minority census tract subgoal: Mortgages to families earning up to 100% of AMI in census tracts where at least 30% of residents are minorities and the median income is below 100% of AMI.
- Low-income census tract subgoal: Mortgages to families in tracts where median income is no greater than 80% of AMI, excluding minority tracts, or loans to higher-income borrowers within minority low-income tracts.
To meet these objectives, an Enterprise must either achieve the benchmark levels established by FHFA’s 2021 final rule or meet the market level, which is determined using data from the Home Mortgage Disclosure Act (HMDA).
According to the report, Fannie Mae acquired approximately $326 billion in single-family mortgages in 2024, while Freddie Mac acquired $346 billion, continuing to provide liquidity to the mortgage market despite broader economic challenges.
2024 Multifamily Goals and Mission-Driven Activity
FHFA also set distinct benchmarks for the GSEs’ multifamily lending, ensuring that the Enterprises continue to support affordable rental housing development and preservation. The 2024 goals included:
- Low-income multifamily goal: Rental units affordable to families earning ≤ 80% of AMI.
- Very low-income multifamily subgoal: Units affordable to families earning ≤ 50% of AMI.
- Small multifamily low-income subgoal: Units in 5–50-unit buildings affordable to families earning ≤ 80% of AMI.
Each Enterprise was limited to $70 billion in multifamily mortgage acquisitions for the year a combined total of $140 billion with at least 50% of that business required to qualify as mission-driven under FHFA’s Conservatorship Scorecard.
“Mission-driven” loans include:
- Subsidized affordable housing developments
- Preservation financing for workforce housing properties
- Manufactured housing communities (MHCs) meeting Duty to Serve criteria
- Green loans for energy or water efficiency improvements
- Affordable rental units in small or rural multifamily properties
Enterprise Results for 2024
Both Fannie Mae and Freddie Mac successfully exceeded FHFA’s mission-driven threshold, ensuring that more than half of their multifamily production served affordable or underserved markets.
- Fannie Mae acquired $55.4 billion in multifamily loans, with $34.8 billion (63%) qualifying as mission-driven.
- Freddie Mac acquired $65.1 billion in multifamily loans, with $42.2 billion (65%) qualifying as mission-driven.
Both Enterprises also made significant progress in the manufactured housing segment:
- Fannie Mae financed 122 MHC properties, totaling nearly 19,908 units and $943 million in unpaid principal balance exceeding its goal range of $0.8–$1.0 billion.
- Freddie Mac financed 31,024 pads, beating its revised goal of 17,100 pads.
However, Fannie Mae fell short of its target for loans secured by manufactured homes titled as real property, acquiring 4,792 loans against a target of 9,500. Freddie Mac, by contrast, surpassed expectations, acquiring 8,478 such loans well above its 6,300 target.
Both Enterprises also supported the HUD Section 8 housing program in 2024. Fannie Mae financed 171 loans supporting 21,241 Section 8 units, while Freddie Mac exceeded its initial and revised targets by supporting 28,009 affordable apartments through Section 8 loan purchases.
Additional Insights and Data Transparency
FHFA’s Annual Report also provides detailed breakdowns of single-family and multifamily loan distributions by borrower demographics, including sex, race, ethnicity, and median income across census tracts. It includes data on loan types (fixed vs. adjustable-rate), loan-to-value ratios, and borrower credit profiles, offering a comprehensive view of how the Enterprises are serving a diverse cross-section of the U.S. housing market.
The agency emphasized that continued accountability and transparency are critical to maintaining trust in the secondary mortgage market, especially as Fannie Mae and Freddie Mac remain in federal conservatorship.
“The Enterprises’ performance in 2024 demonstrates a sustained commitment to expanding access to affordable housing while maintaining market stability,” FHFA said in the report. “But continued progress depends on innovative approaches to housing finance, especially in meeting the needs of low-income families and underserved communities.”
Looking Ahead
The FHFA will release its next housing performance update in November 2025, which will include monthly data through September and quarterly data through Q3 2025. The agency also plans to review future housing goal benchmarks to ensure they align with current market dynamics and evolving economic conditions.
As affordability pressures persist nationwide, the role of Fannie Mae and Freddie Mac in financing sustainable, inclusive housing markets remains as important as ever. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.