FHFA Seeks Input on Eligibility Requirements for Short-Term Rental Units
The Federal Housing Finance Agency (FHFA) yesterday issued a Request for Input (RFI) on Fannie Mae and Freddie Mac’s (the Enterprises) eligibility requirements for mortgages in condominium, cooperative, and planned unit development projects where a large portion of units are offered for short-term rental (30 days or less) or are used primarily for the purpose of vacation or recreational lodging.
These projects are often informally referred to as condotels or resort condominiums.
FHFA says the information it is requesting will help the agency determine whether or not changes or clarifications to Enterprise policies are necessary to ensure more accurate and consistent project eligibility assessments.
FHFA is soliciting comments on the RFI through July 5, 2021.