Financing Options - Removing barriers to affordable housing for Housing Choice Voucher holders in North Carolina and Texas
Financing Options

Expanded Housing Choice Initiative

Removing barriers to affordable housing for Housing Choice Voucher holders in North Carolina and Texas


At Fannie Mae, we’re committed to increasing access to affordable housing for renters across the country. Our Expanded Housing Choice initiative (EHC) offers new and innovative ways to fulfill that commitment, like greater acceptance of U.S. Department of Housing and Urban Development (HUD) Housing Choice Vouchers (HCVs) in jurisdictions where they are not a protected source of income.

Our EHC voucher pricing incentive provides lower financing for property owners who accept HCVs as a source of income in North Carolina and Texas, widening the housing options available to voucher holders. We know that good business decisions can lead to meaningful change. With HCV acceptance, property owners can create opportunities by helping more renters access affordable housing.

Together, we can support a more equitable housing market by removing barriers that prevent people from finding a stable, sustainable place to call home.

Expanded Housing Choice Voucher Pricing Incentive

What you need to know

To be eligible, properties must:

Be located in North Carolina or Texas.

Not already require HCV acceptance as a condition of financing (e.g., Low-Income Housing Tax Credit properties).

Have at least 20% of units affordable at or below the applicable HUD Fair Market Rent or Small Area Fair Market Rent.

For full eligibility requirements, review the Expanded Housing Choice Eligibility Flowchart and Competitive Advantage.

Benefits of accepting HCVs for Borrowers:

  • Lower pricing, flexible loan terms, certainty of execution.
  • An expanded renter base.
  • Low turnover — HCV renters stay nearly nine years on average.*
  • A steady stream of rent payments backed by HUD.
  • Making a difference in reducing poverty.

Benefits for HCV renters:

  • Greater access to affordable units, which could reduce the number of voucher holders who are unable to secure housing.
  • More voucher holders in high opportunity communities, which can improve education, employment, and health outcomes.
  • More voucher holders with a stable, affordable places to call home.
* HUD HCV Fact Sheet for Landlords May 2021: HUD.

To learn more, view our Housing Choice Voucher Program Explained Infographic.


Lender and borrower best practices
Explore these toolkits for resources and best practices to help you navigate the HUD voucher program, work with Public Housing Authorities, and understand the benefits of voucher acceptance.

  • Eligibility one-pager

    Find out whether your property meets the requirements for the pricing incentive.

  • HCV program explained

    Learn more about HUD’s HCV program and the renters it serves.

  • Frequently asked questions

    Check out our FAQ for further information on the incentive and how it works.

  • Lender job aid

Helpful Resources

Links to Local Public Housing Authorities & Payment Standards

Housing Authority of the City of Austin (HACA) 
Austin Payment Standards 

DHA (Dallas) 
Dallas Payment Standards 

INLIVIAN (Charlotte) 
Charlotte Payment Standards 

HUD resource links

Resource center for HCV landlords
Resource repository for landlords interested in the HUD HCV program.

Steps to become an HCV landlord
Walks through the process of starting to accept HCV renters.

HCV fact sheet
A helpful introduction to the HCV program.

HCV myth-busting fact sheet
Covers benefits and common misconceptions of the HCV program.

HCV process flowchart
Provides an overview of the HCV process for the renter, landlord, and Public Housing Authority (PHA).

HUD Fair Market Rents
Provides Fair Market Rents by county across the country.

HUD Small Area Fair Market Rents
Provides Small Area Fair Market Rents as calculated by HUD for ZIP Codes within Metropolitan Areas.

HCV unit inspection resources
A checklist, FAQ, and other resources to help guide landlords through unit inspections.

Expanded Housing Choice quote from Michele Evans

Taking action with impact

Working to help more people across the U.S. access quality affordable rental housing is an enduring part of our mission. With innovations like our EHC initiative, we, our lenders, and their borrowers can make strides in changing the following statistics and make affordable rental housing more equitable for all.

Housing Choice Vouchers - Stats

The positive impact of HCVs

Together, we can increase voucher acceptance and create more affordable rental options in stable communities. Greater housing access, particularly in lower-poverty areas, can offer significant financial, health, and educational benefits. Consider the following:

  • By freeing up rental income, families have more to spend on other necessities.1
    •  In a study of Los Angeles, CA residents, more than 60% of renters reported cutting back on food, 45% on clothing, and 33% on transportation in order to afford rent.
  • Acceptance in higher opportunity areas could improve health, educational, and employment outcomes.
    • Children under 13 who move to lower-poverty areas with a voucher earn 31% more as adults.2
    •  Every year spent in that lower-poverty area increases a child’s chance of attending college.2
    • HCV holders’ children have 33% fewer instances of major depression.3


2Center on Budget and Policy Priorities
3 National Low Income Housing Coalition