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FHFA Implements Tenant Protections for Renters in GSE-Financed Properties
The Federal Housing Finance Agency (FHFA) announced a set of required tenant protections for multifamily properties financed by Fannie Mae and Freddie Mac. Covered housing providers will now be required to provide tenants with a 30-day written notice of a rent increase or lease expiration and a five-day grace period for rent payments.
Devised through a collaboration between FHFA, Fannie and Freddie, tenants and landlords, “These requirements reflect basic best practices to ensure housing providers effectively communicate with tenants and that tenants understand their rights and responsibilities under their leases,” said FHFA Director Sandra L. Thompson.
In a joint statement, the Mortgage Bankers Association, National Multifamily Housing Council and National Apartment Association said the tenant protections were “generally consistent with practices employed by quality, professionally managed housing providers and we will work diligently with FHFA, the GSEs and our members to make sure these new initiatives are implemented as efficiently as possible.
“Going forward, we urge FHFA to continue to gather information about the impacts of all potential policy proposals and changes, and we are committed to working with them to tackle the affordability crisis.”
- ◦Policy/Gov't
