A group of lawmakers are urging the Federal Housing Finance Agency (FHFA) to ensure tenants’ rights protections in multifamily properties financed by Fannie Mae and Freddie Mac.
U.S. Sherrod Brown (D-OH), chair of the Senate Committee on Banking, Housing, and Urban Affairs, joined 16 colleagues in forwarding correspondence to FHFA Director Sandra Thompson regarding the matter.
“We are writing in response to the Federal Housing Finance Agency’s (FHFA) Request for Input (RFI) on multifamily tenant protections,” the legislators wrote. “Earlier this year, following months of analysis and engagement with housing providers, tenant leaders, and housing policy experts, the White House Domestic Policy Council and the National Economic Council released a Blueprint for a Renters Bill of Rights setting out principles to create a market that works for America’s renters.”
The legislators maintain that renters have too few protections that make them vulnerable to steep rent increases and deteriorating housing conditions, noting the factors are out of the renters control.
Among the conditions the lawmakers have suggested to the FHFA regarding tenant protections are limits against rent hikes in properties with financing backed by Fannie Mae and Freddie Mac and full, upfront transparency regarding rents and fees that may be charged; requiring good cause for evictions and lease non-renewals and the adoption of a strong definition of good cause to ensure tenants are safeguarded against unfair, discriminatory and retaliatory evictions; and requirements for owners to maintain housing meeting or exceeding standards for safety, accessibility and quality.