Back in August, PRT commented on the FHFA’s planned implementation of the Duty to Serve (DTS) portion of the Economic Recovery Act of 2008.
With the affordable housing crisis reaching every corner of the United States, it is imperative that the Partners for Rural Transformation use our voice to ensure Freddie Mac and Fannie Mae’s 2025-2027 Duty To Serve (DTS) Plans maximize their impact within the underserved markets, which largely overlap with PRT’s footprint. PRT recognizes the reputation and responsibility that the Enterprises have in the housing field, and we appreciate our respected relationships with them. We also recognize that it is our responsibility to uplift the voices of the true housing experts: community members, especially in rural and Native persistently poor regions who are largely impacted by DTS efforts and targets.
PRT encourages the GSE’s to consider the following recommendations when finalizing their proposals:
- Increase and strengthen their targets to all 3 underserved markets, with emphasis on a few specific objectives
- Address Native-specific housing needs and have objective targets proportionately meet their needs in a culturally competent way
- Add Colonia-specific Activities and Objectives to both GSE Plans
- In addition to increasing targets, there should be less “outreach” as a goal – the GSE’s have been provided with sufficient ideas and examples from PRT and countless others, it’s time to get to work and finance and purchase loans
PRT is eagerly awaiting final proposals and urges FHFA to focus on targets that are proportionate to the need of these markets, and maximize the impact within Native and rural communities.
Read more on our recommendations in the full comment here.