Congressman Cleaver Applauds FHFA Action to Strengthen Tenant Protections in Multifamily Properties Nationwide
(Washington, D.C.) – Today, U.S. Representative Emanuel Cleaver released the following statement after the Federal Housing Finance Agency (FHFA) announced historic tenant protections for renters in multifamily housing.
“In May, I was honored to host FHFA Director Sandra Thompson in Kansas City to meet with local tenants, housing providers, and community stakeholders in an effort to highlight ongoing challenges within the rental housing industry and find collaborative solutions that will lower costs and strengthen standards to the benefit of tenants and property owners alike.
“Today, I’m pleased the FHFA has announced that, for the first time, tenant protections will be a standard component of Fannie Mae and Freddie Mac (the Enterprises) multifamily financing. Housing providers in multifamily properties backed by the Enterprises will be required to provide tenants with common sense, basic protections that promote stability and ensure tenants are aware of their rights and responsibilities under the lease agreements signed by both parties. While there is certainly much more work ahead to ensure that every family in Missouri and beyond has access to safe, stable, and affordable housing, this is a historic step in the right direction, and I applaud Director Thompson for a collaborative stakeholder process and taking meaningful action.”
“Under the announcement, covered housing providers will be required to provide tenants with a 30-day written notice of a rent increase, 30-day written notice of a lease expiration, and provide a 5-day grace period for rent payments. These protections will be required for new loans signed on or after February 28, 2025, with a detailed description of policies expected to be published by the Enterprises next month.
“Roughly 16 million renters live in properties backed by the Enterprises. Not only will today’s announcement expand certain best practices that will allow tenants to make more informed housing decisions, but it demonstrates the possibility of critical tenant reforms when all sides of an issue come to the table. As we move forward, we cannot relent in our work to lower housing costs, strengthen protections, and expand affordable housing in communities across the country.”
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Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance.