Fannie Mae releases a three-year Equitable Housing Finance Plan that outlines actions the company will take to knock down barriers faced by Black renters and homeowners throughout their housing journey. The Plan builds on recent innovations and efforts Fannie Mae has taken to make mortgages and rental housing more accessible and inclusive.
Fannie Mae’s Equitable Housing Finance Plan focuses on empowering Black renters and homeowners in three key areas:
- Housing Preparation: Helping Black consumers prepare early for sustainable homeownership and access to quality rental housing through credit building and financial education.
- Buying or Renting: Removing unnecessary obstacles Black people face in shopping for, acquiring, renting, or mortgaging a home.
- Moving in and Maintaining: Enhancing sustainable homeownership so that renters and homeowners can withstand disruptions or temporary hardships and remain stably housed.
“Our Equitable Housing Finance Plan lays the groundwork to meaningfully address housing barriers faced by Black renters and homeowners,” said David C. Benson, President and Interim Chief Executive Officer, Fannie Mae. “We want to knock down these barriers, one by one, doing our part to undo the legacy of discriminatory practices that perpetuate racial housing gaps in America. The Plan is a solid step toward this goal and a milestone in our work to make housing stronger, fairer, and more sustainable for the people and communities we serve.”
In addition to addressing the effects of legacy discrimination against Black renters and homeowners, the Equitable Housing Finance Plan’s solutions will benefit all renters and homeowners, including other underserved populations. As the Plan matures and evolves, Fannie Mae will expand its focus to the unique challenges faced by other populations, including Latino people and other groups who by virtue of their race, ethnicity, geographic location, or other characteristics have been historically underserved by the housing and mortgage finance system.
Fannie Mae’s Equitable Housing Finance Plan is one important element of a much larger corporate Environmental, Social, and Governance strategy and the company’s mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America. The company has already begun implementing many aspects of the Plan in addition to a number of ongoing efforts to create solutions that help remove obstacles to homeownership. Fannie Mae will continue to collaborate with partners and seek out new stakeholders in the housing industry to achieve the common goal of housing equity.