On July 12, the Federal Housing Finance Agency (FHFA) announced new landlord and tenant requirements for multifamily properties financed by Fannie Mae and Freddie Mac (the Enterprises).
Covered housing providers must provide tenants with the following:
- 30-day written notice of a rent increase
- 30-day written notice of a lease expiration
- 5-day grace period for fees related to late rent payments
According to FHFA’s press release, these requirements will apply to new loans signed on or after the policy effective date, February 28, 2025. The National Apartment Association (NAA) expects more detailed information about the new requirements to come in August and will work with NAA’s members to help them understand any new compliance responsibilities.
This is the first in a series of announced changes to federal housing policy for Enterprise-backed housing following FHFA’s Request for Input— which asked whether additional landlord and tenant requirements should be imposed on enterprise-backed housing, including rent control. The agency continues to feel pressure from the White House to implement solutions that balance the power dynamic between landlords and tenants, as evidenced by President Biden's continued mention of rent caps on the campaign trail. NAA appreciates the opportunity to provide industry perspective and collaborate with FHFA on this effort and work with agency officials to understand the implications of any future actions.
NAA continues to lead the rental housing industry’s federal advocacy, amplifying the housing provider perspective and positively impacting conversations about federal policy. Because of the industry’s advocacy, FHFA continues to pursue a measured and deliberative approach to policymaking which carefully considers stakeholder input, including the more than 3,000 NAA members and affiliates who participated in NAA’s call to action. Industry professionals reiterated to FHFA that there can be no “one-size-fits-all” approach to landlord and tenant laws in an industry that fundamentally operates at a local level.
To learn more about NAA’s federal regulatory advocacy, contact Nicole Upano, NAA’s AVP of Housing Policy & Regulatory Affairs.