Fannie Mae, Freddie Mac allot more than $1.1 billion to affordable housing programs

The Housing Trust Fund, overseen by the Department of Housing and Urban Development, will receive $740 million, a $29 million increase from the previous year. The funding will be disbursed to states and state-designated entities for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and/or rehabilitation of non-luxury housing.

Meanwhile, the Capital Magnet Fund, overseen by the Department of the Treasury, will get $398 million, a $15 million increase from 2021. It competitively awards money to finance affordable housing activities, related economic development activities, and community service facilities.

“Addressing our nation’s affordable housing crisis is critical to FHFA’s mission,” Thompson said. “Today’s announcement of record funding for additional housing production will help increase access to affordable, sustainable housing options.”