The Biden administration today announced actions to increase fairness in the rental market and fair housing, as well as issuing a Blueprint for a Renters Bill of Rights. Among the actions are that the U.S. Department of Housing and Urban Development (HUD) will publish a notice of proposed rulemaking to require public housing authorities (PHAs) and owners of project-based rental assistance properties to provide at least 30 days’ advanced notice before terminating a lease due to nonpayment of rent. Other actions include that the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) will collect information to identify practices that unfairly prevent applicants and tenants from accessing or staying in housing and will use that information to inform enforcement and policy actions; the CFPB and FTC will work to ensure accurate information for credit reporting and hold background reporting agencies accountable for unreasonable procedures; and the Federal Housing Finance Agency (FHFA) will launch a public process to examine proposals to promote renter protection and limit “egregious rent increase” for future investments.

The Federal Housing Finance Agency (FHFA) today issued a final rule setting benchmarks for multifamily housing goals for Fannie Mae and Freddie Mac for 2023 and 2024 under a new percentage-based methodology. The final goals include that a minimum of 61% of all goal-eligible units in multifamily properties financed by properties purchased by Fannie and Freddie in each year be affordable to low-income families, defined as families with incomes of 80% or less of the area median income (AMI).