Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released the following statement in response to the Federal Housing Finance Agency’s (FHFA) groundbreaking announcement of the first-ever tenant protections:

“I applaud the Federal Housing Finance Agency, under the leadership of Director Sandra L. Thompson, for their historic and forward-thinking measures that will provide critical tenant protections for millions of families living in housing backed by Fannie Mae or Freddie Mac. This announcement follows a letter that I led with Committee Democrats sent to Director Thompson last August urging FHFA to leverage its existing authorities to provide permanent and meaningful protections for renters. These new requirements, which go into effect in February 2025, mark a first for multifamily properties with Enterprise-backed financing and include:

• A 30-day written notice of rent payment increases;
  
• A 30-day written notice of lease agreement expirations; and
  
• A 5-day grace period for late rental payments.
  

“These protections are a direct response to the challenges faced by millions of renters across the nation, ensuring they receive basic protections during one of the worst housing crises in our nation’s history. This proactive approach by the FHFA will ensure renters have adequate time to prepare for changes in rental prices and can make informed decisions about their housing. Additionally, as more and more families are living paycheck to paycheck, these protections ensure that renters are not penalized with massive fees when needing a few extra days to pay their rent. By ensuring that housing providers communicate effectively with tenants and that tenants understand their rights and responsibilities, we are laying the groundwork for a more equitable and transparent rental market.

“At a time when our nation has a shortage of nearly 14 million homes for rent or purchase, homelessness is rising, and median asking rents have increased by 41% since 2020, these protections—and more—are needed now more than ever. Today marks a critical first step and I continue to urge FHFA to further today’s efforts by exploring what additional protections are feasible.

“Our work is far from over, and I look forward to collaborating with the FHFA to expand and strengthen these vital protections. Together, we can build a future where all renters live with dignity and stability, free from the fear of sudden rent increases, mounting fees, or abrupt lease terminations that lead to increased homelessness and housing instability.”

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