Housing in Underserved Markets
FHFA’s 2019 Report to Congress, released earlier this week, includes highlights of our work in underserved markets through Duty to Serve. We exceeded our targets in every area — to support manufactured housing, rural housing and affordable housing preservation where it’s needed most:
- Financed 4,700 units (in 52 properties) of affordable housing in high-opportunity areas. (These areas typically have high incomes or low levels of poverty, strong economic growth, well-run schools, public transportation, and access to quality health care.)
- Made 15 Rental Assistance Demonstration (RAD) deals last year to improve public housing in real need of renovation. We’ve helped finance all the public housing in San Francisco and El Paso, Texas, and are now partnering with NYC. These deals transformed thousands of units for people who need safe, quality affordable housing.
Listen to the podcast – Preserving Public Housing through RAD
- Funded more than 26,000 units of Section 8 affordable housing for low-income residents
- Through our LIHTC debt offerings, we financed more than 55,000 units across the nation
- Financed 4,000 units in smaller properties — working with smaller financial institutions like Community Development Financial Institutions. The liquidity we provided helped them support the hardest to serve markets and properties.
We help improve and preserve affordable housing in underserved rural areas like Enid, Oklahoma. Resident and health care worker Toccara Bunn, shown here, lives in the Pheasant Run Apartments community with her three daughters.