President Biden announces new action to lower housing costs for renters across the United States including:

• Calling on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks;
• Repurposing public land sustainably to enable as many as 15,000 additional affordable housing units to be built in Nevada; and
• Rehabilitating distressed housing, building more affordable housing, and revitalizing neighborhoods, including in Las Vegas, Nevada.

On July 12th LOFTE received a call from the Domestic Policy Office to thank LOFTE for our support and announce FHFA's three new tenant protections, establishing the first tenant protection policy that covers all multifamily properties financed with mortgages backed by Fannie Mae and Freddie Mac.

Beginning February 28, 2025, the Enterprises will require all multifamily borrowers (subject to limited exceptions) who receive Enterprise-backed financing to include the following tenant protections:

• 30-Day Written Notice of Rent Increases: Renters will receive at least 30-days’ notice for any rent increase.
• 30-Day Notice of Lease Expiration: Renters will be notified at least 30 days in advance of their lease expiration, whether fixed/scheduled or terminated by the landlord.
• Minimum 5-Day Grace Period for Late Rent Payments: Renters will be permitted to pay their rent up to five days after their due date, without incurring fees or being subject to eviction or other penalties.

Last year during the request for input, LOFTE submitted detailed recommendations to FHFA regarding tenants rights. You can read our comments here.

You can read the White House announcement here.