Federal housing regulators want input from industry and community groups on how Fannie Mae and Freddie Mac will measure their own efforts to reduce racial inequality in the mortgage market.

The FHFA announced Tuesday that it will require both government-sponsored enterprises will be required to submit plans with “goals and action plans to advance equity in housing finance for the next three years” by Dec. 31. Fannie and Freddie will also have to submit yearly progress reports to the agency and make annual updates to their plans.

“For generations, discriminatory practices like redlining have prevented communities of color from building wealth through homeownership,” FHFA Acting Director Sandra L. Thompson said in a statement. “By identifying the barriers to equitable and sustainable housing finance opportunities and setting goals for addressing those barriers, the Enterprises, consistent with safety and ​soundness, can responsibly reduce the racial and ethnic disparities in homeownership and wealth that still exist today.”

In the same announcement, the agency also put out request for input Tuesday calling for suggestions in what should go into the plans. The RFI document states the GSEs are being tasked with reducing racial and ethnic homeownership gaps and reducing “underinvestment or undervaluation in formerly redlined areas that remain racially or ethnically concentrated areas of poverty or otherwise underserved or undervalued.”

Members of the public can submit input online or at a Sept. 28 listening session.

The equity plans will need to identify “barriers to sustainable housing opportunity” in Fannie’s and Freddie’s operations or in housing markets which they can “reasonably” influence, the RFI document states, set specific and measurable goals, lay out plans to get there and summarize how both Fannie and Freddie consulted with “underrepresented and affected groups and communities” in preparing the plans.

The RFI also lists a range of optional objectives including housing supply, tenant protections and launching more research programs.

“This is a major step in bringing more equity to the housing finance industry,” HUD Secretary Marcia L. Fudge said in a statement. “HUD’s recent collaborations with FHFA are crucial actions that will advance fair housing and fair lending for all Americans and expand access to opportunities for homeownership and the generational wealth building that can come from it. HUD is pleased to work alongside FHFA and others on a comprehensive approach to building a more equitable housing finance system.”