The Federal Housing Finance Agency (FHFA) announced its finalized Fair Lending, Fair Housing, and Equitable Housing Finance Plans to address barriers to sustainable housing opportunities. The National Association of Realtors (NAR) applauds FHFA's efforts to codify existing practices and programs, which shows a sustained commitment from the agency to remove obstacles to homeownership and expand opportunities for home buyers of all backgrounds, including first-time and low- and moderate-income buyers. "The Equitable Housing Finance Plans are an active step in closing homeownership gaps among demographic groups," said Bryan Greene, NAR's vice president of policy advocacy. "We applaud the work that FHFA has done to support lenders who create special-purpose credit programs. This work promotes more fairness and greater soundness in the housing finance system and, ultimately, more homeownership opportunities for more Americans." NAR also applauds FHFA for its work in credit score modernization. Changes to incorporate rental and utility payments in credit scores have resulted in positive benefits for 750,000 renters.
Source: Nar.realtor; 4/30/2024