NAHMA HUD Update: Better Climate Challenge Announced; FHFA Provides$740 Million for the Housing Trust Fund

February 28, 2022

Dear NAHMA Members,

Please find below two recent updates regarding:

  • Better Climate Challenge Announced
  • FHFA Provides $740 Million for the Housing Trust Fund

For more information, please view the announcements below.

 

Better Climate Challenge Announced

 

Today HUD Secretary Marcia Fudge joined Department of Energy (DOE) Secretary Jennifer M. Granholm and White House National Climate Advisor Gina McCarthy to announce the inaugural Better Climate Challenge, a private-public partnership led by DOE with over 80 American businesses and organizations that have signed on to ambitious carbon reduction goals. It’s a voluntary, market-based platform for organizations to come together and put in place ambitious, portfolio-wide, operational greenhouse gas emissions reduction goals and showcase how they are taking necessary, measurable steps to address the impacts of climate change. HUD supports the multifamily component of the Better Climate Challenge and any organization with a portfolio of a minimum of two multifamily buildings and 250 units in the nation is welcome to join the multifamily Better Climate Challenge.

 

To view the official HUD press release, click here.

 

FHFA Announces $740 Million for the Housing Trust Fund

FHFA Acting Director Sandra Thompson announced today that the Housing Trust Fund (HTF) and Capital Magnet Fund will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises). This is the largest amount ever provided to these programs from the Enterprises. HTF allocates funding annually to states and state-designated entities for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and/or rehabilitation of non-luxury housing. This program will receive $740 million, a $29 million increase from the previous year. The Capital Magnet Fund, overseen by the Treasury Dept., competitively awards money to finance affordable housing activities, as well as related economic development activities and community service facilities. This program will receive $398 million, a $15 million increase from the previous year. “Addressing our nation’s affordable housing crisis is critical to FHFA’s mission. Today’s announcement of record funding for additional housing production will help increase access to affordable, sustainable housing options,” said Acting Director Thompson.