Fannie Mae is a shareholder-owned company with a public mission that exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae works to increase the supply of affordable for-sale and rental housing across America by creating customized financing solutions with lending partners. Many of Fannie Mae’s mortgage products and options have special qualifying and affordability features.
Federal Home Loan Banks (FHLBanks)
The affordable housing and economic development programs of the twelve FHLBanks consist of grants and low-interest loans to member financial institutions to use to provide financing for economic development and housing activities. The Affordable Housing Program provides grants twice a year through financial institutions for investment in low- or moderate income housing initiatives. The Community Investment Program is a lending program that provides below-market-rate loans that enable banks to extend long-term financing for housing and economic development that benefits low- and moderate income families and neighborhoods.
Created by Congress, Freddie Mac’s job is to ensure a reliable supply of funds to mortgage lenders in support of homeownership and rental housing. By attracting capital from around the world to finance housing in America, mortgage rates are lower, 30-year fixed-rate financing is plentiful, and borrowers get loan approvals in minutes. Freddie Mac’s initiatives range from homebuyer outreach and education and mortgage productsdesigned to put families into homes they can afford and keep.
U.S. Department of Agriculture
The U.S. Department of Agriculture provides several housing assistance opportunities to rural Americans. The programs include individual assistance for the elderly, disabled, or low-income rural residents. There are also loans and grants available for housing development programs.
U.S. Department of Housing and Urban Development (HUD)
The expansion of the supply of affordable housing is at the core of HUD’s mission. The Office of Affordable Housing Programs administers programs designed to address the nationwide shortage in affordable housing: HOME Investment Partnerships, Self-Help Homeownership, and Homeownership Zone. The Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. These programs bring federal resources directly to the state and local level for use in the development of affordable housing units, or to assist income-eligible households in purchasing, rehabilitating, or renting safe and decent housing.