FHFA Announces 3 New Tenant Protection Policy Changes
The Federal Housing Finance Agency (FHFA) today announced three policy changes effective for all new multifamily mortgage loan applications signed on or after Feb. 28, 2025.
At that time, Fannie Mae and Freddie Mac’s loan documents will require borrowers to provide tenants:
- A 30-day notice of rent increases;
- A five-day grace period for late rent; and
- A 30-day notice of the lease term expiration.
These provisions will not apply to existing mortgages or loan documents signed before the effective date in February 2025.
FHFA, along with Fannie Mae and Freddie Mac, are expected to release more details about the implementation of these policies in August. They also announced that they “will continue to evaluate options for codifying additional tenant protections that advance sustainable housing in a manner that reflects the needs of both tenants and housing providers.”
Latest from NAHBNow
Economics | Multifamily
May 08, 2025
Multifamily Developer Confidence Falls in First QuarterConfidence in the market for new multifamily housing declined year-over-year in the first quarter, according to the Multifamily Market Survey (MMS) released today by NAHB. The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 44, down three points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 82, down one point year-over-year.
Sustainability and Green Building | Advocacy
May 07, 2025
Energy Star Transition and Its Effect on NAHB MembersSeveral recent media reports suggest that the Energy Star program, a proven private-public partnership administered by the Environmental Protection Agency (EPA), is going through a possible transition period that could lead to its elimination.
Latest Economic News
Economics
May 06, 2025
Mortgage Activity Levels Off in April as Rates IncreaseMortgage loan applications saw little change in April, as refinancing activity decreased. The Market Composite Index, which measures mortgage loan application volume based on the Mortgage Bankers Association (MBA) weekly survey, experienced a 0.4% month-over month increase on a seasonally adjusted (SA) basis. However, year-over-year, the index is up 29.3% compared to April 2024.
Economics
May 06, 2025
Prices for New Homes Continue to Drop as Existing RisesThe median price for a new single-family home sold in the first quarter of 2025 was $416,900, a mere $14,600 above the existing home sale price of $402,300, according to U.S. Census Bureau and National Association of Realtors data (not seasonally adjusted – NSA).
Economics
May 05, 2025
Student Housing Construction Investment Rises in the First Quarter of 2025Private fixed investment in student dormitories increased by 2.3% in the first quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $4.04 billion. This gain followed a 1.0% increase in the previous quarter. However, private fixed investment in dorms was 2% lower than a year ago, as elevated interest rates place a damper on student housing construction.