{"id":29626,"date":"2024-07-12T11:45:33","date_gmt":"2024-07-12T15:45:33","guid":{"rendered":"https:\/\/www.carh.org\/?p=29626"},"modified":"2024-07-15T11:27:00","modified_gmt":"2024-07-15T15:27:00","slug":"fhfa-announces-multifamily-tenant-protections-2","status":"publish","type":"post","link":"https:\/\/www.carh.org\/fhfa-announces-multifamily-tenant-protections-2\/","title":{"rendered":"FHFA Announces Multifamily Tenant Protections"},"content":{"rendered":"<p><em>On July 12, 2024, the Federal Housing Finance Agency (FHFA) sent out the following information:<\/em><br \/>\n<em>(<a href=\"https:\/\/www.fhfa.gov\/news\/news-release\/fhfa-announces-multifamily-tenant-protections-july-2024\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to link News Release)<\/em><\/p>\n<div class=\"field field--name-field-subtitle field--type-string field--label-hidden field__item\"><strong>Tenant protections will be included in new multifamily loan agreements beginning in February 2025<\/strong><\/div>\n<p><span class=\"immediate-release\">IMMEDIATE RELEASE<\/span><\/p>\n<div class=\"field field--name-field-release-date field--type-datetime field--label-hidden field__item\">07\/12\/2024<\/div>\n<div class=\"field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><strong>Washington, D.C.\u00a0<\/strong>\u2013 The Federal Housing Finance Agency (FHFA) today announced a set of required tenant protections for multifamily properties financed by Fannie Mae and Freddie Mac (the Enterprises). This announcement results from FHFA\u2019s extensive and ongoing engagement with market participants and key stakeholders on tenant issues and represents the first time that tenant protections will be a standard component of Enterprise multifamily financing.<\/p>\n<p>Covered housing providers will be required to provide tenants with the following:<\/p>\n<ul>\n<li>30-day written notice of a rent increase<\/li>\n<li>30-day written notice of a lease expiration<\/li>\n<li>5-day grace period for rent payments<\/li>\n<\/ul>\n<p>\u201cThe tenant protections announced today are the culmination of a collaborative effort between FHFA, the Enterprises, tenants, and landlords to address challenges faced in rental housing today,\u201d\u00a0said Director Sandra L. Thompson. \u201cThese requirements reflect basic best practices to ensure housing providers effectively communicate with tenants and that tenants understand their rights and responsibilities under their leases.\u201d<\/p>\n<p>The Enterprises will monitor and enforce the tenant protections announced today, and failure to comply could result in penalties under the loan agreement. These protections will be required for new loans signed on or after the policy effective date, February 28, 2025. A detailed description of the tenant protection policies is expected to be published by the Enterprises in August 2024. Tenants can see if their property is Enterprise-backed using\u00a0<a href=\"https:\/\/yourhome.fanniemae.com\/calculators-tools\/renters-resource-finder\" target=\"_blank\" rel=\"noopener\"><strong>Fannie Mae<\/strong><img decoding=\"async\" src=\"https:\/\/www.fhfa.gov\/themes\/custom\/fhfa_subtheme\/assets\/uswds\/img\/usa-icons\/launch_arrow_grey.svg\" alt=\"External link icon\" \/><\/a>\u2019s and\u00a0<a href=\"https:\/\/myhome.freddiemac.com\/renting\/lookup\" target=\"_blank\" rel=\"noopener\"><strong>Freddie Mac\u2019s<\/strong><img decoding=\"async\" src=\"https:\/\/www.fhfa.gov\/themes\/custom\/fhfa_subtheme\/assets\/uswds\/img\/usa-icons\/launch_arrow_grey.svg\" alt=\"External link icon\" \/><\/a>\u00a0multifamily property look-up tools.<\/p>\n<p>In 2023, FHFA published a\u00a0<strong><a title=\"Multifamily-Tenant-Protections-RFI.pdf\" href=\"https:\/\/www.fhfa.gov\/sites\/default\/files\/2024-01\/Multifamily-Tenant-Protections-RFI.pdf\" target=\"_blank\" rel=\"noopener\" data-entity-substitution=\"media\" data-entity-type=\"media\" data-entity-uuid=\"622d34cb-581f-46c8-8167-d75b57f252bb\">Request for Input (RFI)<\/a><\/strong>\u00a0to gather stakeholders\u2019 perspectives and identify principles and best practices at the federal, state, and local levels that would strengthen tenant protections and increase fairness in the rental market. FHFA published a summary of the input in January 2024, which is available [<strong><a title=\"rfi-summary-tenant-protections-january-2024.pdf\" href=\"https:\/\/www.fhfa.gov\/sites\/default\/files\/2024-01\/rfi-summary-tenant-protections-january-2024.pdf\" target=\"_blank\" rel=\"noopener\" data-entity-substitution=\"media\" data-entity-type=\"media\" data-entity-uuid=\"c66453b1-0665-4a9c-b0d5-4c4edf9e8e8f\">here<\/a><\/strong>].<\/p>\n<p>FHFA and the Enterprises 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.<\/p>\n<p><a title=\"FHFA Announces New Multifamily Tenant Protections as Part of Commitment to Advance Resident-Centered Practices at Enterprise-Backed Properties\" href=\"https:\/\/www.fhfa.gov\/blog\/insights\/new-multifamily-tenant-protections\" target=\"_blank\" rel=\"noopener\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"3c54a99e-8905-4234-9196-9ca5add45be2\"><strong>FHFA Tenant Notifications Blog<\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On July 12, 2024, the Federal Housing Finance Agency (FHFA) sent out the following information: (Click here to link News Release) Tenant protections will be included in new multifamily loan agreements beginning in February 2025 IMMEDIATE RELEASE 07\/12\/2024 Washington, D.C.\u00a0\u2013 The Federal Housing Finance Agency (FHFA) today announced a set of required tenant protections for&hellip;<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[1],"tags":[],"class_list":["post-29626","post","type-post","status-publish","format-standard","hentry","category-uncategorized","category-1","description-off"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/posts\/29626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/users\/263"}],"replies":[{"embeddable":true,"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/comments?post=29626"}],"version-history":[{"count":1,"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/posts\/29626\/revisions"}],"predecessor-version":[{"id":29627,"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/posts\/29626\/revisions\/29627"}],"wp:attachment":[{"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/media?parent=29626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/categories?post=29626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.carh.org\/wp-json\/wp\/v2\/tags?post=29626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}