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FHFA Authorizes $502 Million-Plus to Housing Trust Fund and Capital Magnet Fund

NationalMortgageProfessional.com
Mar 02, 2020
Photo credit: Getty Images/krblokhin

Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), has announced that he has authorized the disbursement of Fannie Mae and Freddie Mac's affordable housing allocations for 2019 to the U.S. Department of Housing & Urban Development (HUD) for the Housing Trust Fund of $326.4 million and to the Department of the Treasury for the Capital Magnet Fund of $175.8 million, marking the GSE’s largest ever contribution to the federally-managed entities.
 
“NAR commends the Federal Housing Finance Agency for authorizing nearly half a billion dollars to address housing affordability challenges in America,” said National Association of Realtors (NAR) President Vince Malta, broker at Malta & Company Inc. in San Francisco. “In particular, we applaud Director Calabria for prioritizing the efficacy of the National Housing Trust Fund and the Capital Magnet Fund–this significant investment illustrates the agency’s commitment to increasing the inventory of supply-level homes. Initiatives that address the root of the nation’s housing affordability crisis must take center stage in discussions surrounding the future of housing finance. NAR looks forward to leading this discussion and working with the FHFA to ensure all responsible, creditworthy individuals can achieve the American dream of homeownership.”


 
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