Fannie Mae (OTCQB: FNMA) released its annual update to the 2022-2024 Equitable Housing Finance Plan designed to eradicate barriers faced by historically underserved communities.
The 2024 Plan outlines 23 specific actions that expand action from the plan’s first two years and includes two new actions: expanding pre-purchase counseling support for near mortgage-ready first-time homebuyers and creating a standard definition for “first-generation homebuyer” that can be used to evaluate and develop new ways to address the disparities correlated to the lack of savings or generational wealth.
“We have continued to build the infrastructure for a housing ecosystem that is fair and sustainable for all consumers,” said Katrina Jones, vice president of housing equity strategy and impact. “The housing environment today is not without its challenges – and it underscores the need to continue innovating and working together to ensure that access to affordable housing opportunities is available to everyone. We are encouraged by the achievements of the Plan and are looking forward to its ongoing success in making the housing system fairer and more equitable.”
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