Fannie Mae has announced its Expanded Housing Choice initiative, providing a new pricing incentive for Texas and North Carolina multifamily property owners who accept U.S. Department of Housing and Urban Development (HUD) Housing Choice Vouchers.
"As we fulfill our mission, we are working with the housing community to expand access to affordable housing for those who need it most," said Hugh R. Frater, CEO of Fannie Mae. "Housing Choice Vouchers provide assistance to a wide range of individuals and families in need. But many voucher holders–especially people of color–are unable to use their vouchers before they expire or end up living in areas of concentrated poverty. Our Expanded Housing Choice initiative is a way to drive greater acceptance of vouchers in the multifamily market and, with that, greater equity and opportunity."
Expanded Housing Choice aims to make the rental housing market more inclusive and equitable by expanding the availability of multifamily units that accept housing choice vouchers. This 12-month initiative is set to be launched in Texas and North Carolina, and will consider feedback from customers, key stakeholders, and market participants.
"We are constantly working to create innovative solutions for promoting sustainable affordable housing and benefitting renters," said Michele Evans, EVP and Head of Multifamily for Fannie Mae. "Our Expanded Housing Choice initiative can help expand housing access for people who use vouchers; build strong, vibrant resident communities; and support steady income streams for property owners."
AS part of the Expanded Housing Choice initiative, Fannie Mae has partnered with Enterprise Community Partners to provide resources that help lenders and borrowers understand HUD's Housing Choice Voucher program.
Expanded Housing Choice will be executed through Fannie Mae's Multifamily Delegated Underwriting and Servicing (DUS) platform.