APARTMENT ADVOCATE
NATIONAL APARTMENT ASSOCIATION
FHFA Closes RFI on Tenant Protections , Flooded with Public Comments
More than 3,000 NAA members sent letters to the FHFA as a part of the call-to-action
On July 31 , 2023 , the Federal Housing Finance Agency ( FHFA ) closed its Request for Input ( RFI ) which asked the public to comment on whether additional landlord and tenant requirements should be imposed on enterprise-backed multifamily properties , namely through Fannie Mae and Freddie Mac . Thousands of proponents and opponents responded , including seventeen U . S . Senators who called upon FHFA through a letter to condition Enterprise-backed multifamily mortgages on certain landlord and tenant requirements . In line with renters ’ rights advocates ’ priorities , the senators advocated for policies like federal rent control , just cause eviction limitations that effectively eliminate nonrenewals , an enforceable right for tenants to organize and “ source of income ” fair housing protections which would ultimately mandate acceptance of Section 8 Housing Choice Vouchers .
The Industry ’ s Response
The National Apartment Association ( NAA ) continues to lead the rental housing industry ’ s federal advocacy efforts and amplify the housing provider perspective in meetings with policymakers that are considering changes to federal policy to align with the White House Blueprint for a Renters Bill of Rights , which includes FHFA ’ s efforts . In our joint comments , NAA and the National Multifamily Housing Council urged the Agency to consider the impacts of any requirements on Enterprise-backed financing on housing production and affordability and remain cognizant of its limited statutory authority in this area .
We shared that according to preliminary results from a survey conducted from July 11-21 , 2023 , by NAA , over 78 percent of housing providers who use or plan to use Enterprise-backed financing would be discouraged from using Enterprise products if more federal requirements were imposed . Further , over 40 percent of those housing providers expect that finding other avenues of financing would increase their financing costs by between 11 and 30 percent . These are important considerations for FHFA to take into account as the nation faces an affordable housing crisis , which would be further exacerbated by overbroad and duplicative regulations .
NAA also participated in the national real-estate trade associations ’ response and urged individual NAA members and affiliated apartment associations to send individual responses to demonstrate the strength of the industry ’ s voice . Thank you to NAA ’ s members and affiliates that answered NAA ’ s call to action ! More than 3,000 NAA members sent letters to FHFA ,
reiterating that there can be no “ one-sizefits-all ” approach to landlord and tenant laws in an industry that fundamentally operates at a local level .
What Happens Next ?
NAA expects FHFA will announce next steps this fall after they digest public feedback . NAA will continue to seek out opportunities to engage with FHFA to help them understand the industry ’ s perspective as well as potential unintended consequences of their policy proposals . As part of its advocacy efforts , NAA will continue its outreach to Congressional offices to educate them on the pitfalls of rent control and other adverse housing policies . NAA is committed to working with federal policymakers on responsible and sustainable federal policies to solve the nation ’ s housing affordability challenges . www . aamdhq . org SEPTEMBER 2023 TRENDS | 55