The GSE will initially roll out the program in Texas and North Carolina
Fannie Mae has announced its Expanded Housing Choice initiative, aiming to make the rental housing market more inclusive and equitable by expanding the availability of multifamily units that accept HUD housing choice vouchers.
The GSE said the 12-month initiative includes a new pricing incentive for multifamily owners who accept housing choice vouchers, which help provide housing for very low-income families, seniors, historically underserved populations, and people with disabilities.
“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 Fannie Mae CEO Hugh Frater. “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.”
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The Expanded Housing Choice initiative will be executed through Fannie Mae’s Multifamily Delegated Underwriting and Servicing (DUS) platform and will start in Texas and North Carolina. The initiative will incorporate feedback from customers, key stakeholders, and market participants. Fannie Mae has also teamed up with Enterprise Community Partners to provide educational resources for lenders and borrowers to help them understand and get the most out of the HUD’s housing choice voucher program.
“We are constantly working to create innovative solutions for promoting sustainable, affordable housing and benefitting renters,” said Michele Evans, executive vice president and head of Fannie Mae’s Multifamily Business. “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.”
