William Pulte Confirmed as new Director of Federal Housing Finance Agency

William Pulte was confirmed as Director of Federal Housing Finance Agency (FHFA) by a Senate vote of 56-4 on March 13. FHFA oversees the government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac, and the 11 regional Federal Home Loan Banks (FHLBs). 

During his confirmation hearing, Mr. Pulte was asked about his support for the Housing Trust Fund (HTF) and Capital Magnet Fund. Mr. Pulte said that these programs are in statute, and he will follow that statute. He said that he wants to know more about the programs and how the money is being used.  

The national Housing Trust Fund is the only federal resource specifically targeted to building, rehabilitating, preserving, and operating housing for extremely low-income people. States have used their HTF to target projects that serve people experiencing homelessness, people with disabilities, elderly people, or other special needs populations.  The initial source of funding is a slight fee on Freddie Mac and Fannie Mae business, 65% of which goes to the HTF. NLIHC urges Congress and FHFA to preserve and provide more funding for this critical resource.  

Mr. Pulte was also asked about the Affordable Housing Program (AHP), which is administered by the FHLBs and funded by a portion of their profits. AHP funds can be used as gap financing in affordable rental developments and often go to developments that serve very low- and extremely low-income households, including those with special needs. When asked about increasing the amount of FHLB profits that go to the AHP, Mr. Pulte said that he would follow the law and is open-minded about new ideas.  

Read more about the impact of the national Housing Trust Fund in NLIHC’s latest report on the program.