The Federal Housing Finance Agency (FHFA) has issued a Request for Input (RFI) on tenant protections at multifamily properties with mortgages backed by Fannie Mae and Freddie Mac. This action is part of the Biden Administration’s government tenant protection initiatives announced on Jan. 25, and was included in the Administration’s white paper, Blueprint for a Renters Bill of Rights.
In a press release, FHFA said that this RFI will assist the agency in exploring possible ways that Fannie Mae and Freddie Mac could advance their mission.
Specifically, the RFI will:
- Collect information that highlights tenants’ experiences and stakeholders’ perspectives; and
- Solicit ideas for improved data collection to better quantify the size and scope of the issues identified by tenants.
FHFA recently invited NAHB to discuss challenges and potential opportunities for new tenant protections for residents of multifamily properties with Fannie Mae and Freddie Mac mortgages.
At the April 20 meeting, several of NAHB’s multifamily housing providers urged FHFA to refrain from pressing Fannie Mae and Freddie Mac to add rent control in any form or to add source of income protections as a condition of their mortgages. The members also discussed the importance of increasing the supply of housing, challenges of constructing and operating multifamily properties in an inflationary economic environment, the cost of regulations and other issues.
NAHB welcomes feedback from members and we intend to submit comments. NAHB will discuss the RFI with our members next week at the Multifamily Finance Subcommittee Meeting, which will be held in conjunction with the Spring Leadership Meeting. Please contact Michelle Kitchen for more information.
Interested parties may also respond directly to FHFA by July 31. Comments may be submitted via FHFA’s website (select “Tenant Protections” from the “Select a Topic” menu) or mailed to the Federal Housing Finance Agency, Office of Multifamily Analytics and Policy, 400 7th Street, S.W., Washington, D.C. 20219.