The Federal Housing Finance Agency (FHFA) has announced a new set of tenant protections for multifamily properties financed by Fannie Mae and Freddie Mac. These measures, developed in collaboration with FHFA, the GSEs, tenants and landlords, aim to ensure effective communication between housing providers and tenants while also promoting understanding of rights and responsibilities under leases.
According to FHFA Director Sandra L. Thompson, these requirements reflect fundamental best practices that will benefit both parties involved. In a joint statement from the Mortgage Bankers Association (MBA), National Multifamily Housing Council (NMHC) and National Apartment Association (NAA), it was noted that these protections are consistent with those employed by reputable housing providers who prioritize professional management practices. The organizations have committed to working closely with FHFA and their members to efficiently implement these initiatives.
Moving forward, it is hoped that FHFA will continue gathering information on potential policy proposals in order to address the ongoing affordability crisis.
