Rep. Gregory W. Meeks Urges Federal Housing Finance Agency to Reverse Decision that Prevents Homeownership Access

Washington, D.C. – Today, U.S. Rep. Gregory W. Meeks (NY-05) and 17 other Members of Congress sent a letter to the Federal Housing Finance Agency (FHFA) urging it to reverse its March 25 directive ending Fannie Mae and Freddie Mac’s support for Special Purpose Credit Programs (SPCPs).

SPCPs are authorized under the Equal Credit Opportunity Act which help address systemic inequities in housing by expanding access to mortgage credit for minority, low-income, rural, and first-time homebuyers. In 2023, these programs helped more than 14,000 households secure affordable home loans and over $5 million in down payment and closing cost assistance.

“For far too long, structural disparities in our housing and lending markets have excluded historically marginalized communities, especially low-income families and rural residents from homeownership and the opportunity to build generational wealth,” said Congressman Meeks. “Rolling back support for SPCPs undercuts that progress and sends the wrong message about our commitment to equity.”

Rep. Meeks urges FHFA to immediately reconsider this harmful directive and pursue inclusive solutions that move us closer to fair and affordable homeownership for everyone.

Read the full letter, here. 

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