HUD Extends Deadline on Affordable Goals

The Department of Housing and Urban Development has extended the July 2 public comment period on a proposed rule to raise proposed affordable housing goals for Fannie Mae and Freddie until July 16.The two-week extension fell far short the 60-day extension requested by housing and industry groups and organizations representing local housing agencies, cities, counties and mayors. However, National Association of Home Builders president Bobby Rayburn said the extension will give "NAHB and other housing organizations the ability to work with the Bush administration to establish more meaningful goals." A HUD spokesman noted that a 60-day extension would have "jeopardized" implementation of the new AH goals on Jan. 1. Fannie and Freddie "can and must further use their power in the marketplace to ensure that the low- and moderate income and minority families get on the path to homeownership," HUD secretary Alphonso Jackson said.