• HOME
  • RESOURCES
  • Blog
  • New Freddie, Fannie Tenant Protections For Multifamily Properties

New Freddie, Fannie Tenant Protections For Multifamily Properties

08/29/2024 5:00 PM | Dawn Anastasi (Administrator)

Freddie Mac and Fannie Mae have announced new tenant protections for residents in multifamily properties with mortgages backed by the two Government-Sponsored Enterprises (GSEs), according to a release from the Federal Housing Finance Agency (FHFA).

The new multifamily lease standards policy requirement starting February 28, 2025 will require borrowers with new Enterprise-backed financing to provide residential tenants the following three minimum standards which will be included in all residential leases at properties for which applications for new loans are signed on or after the effective date.

The new multifamily least standards are:

  • 30-Day Notice of Rent Increases: Written notice of a rent increase at least 30 calendar days prior to said increase
  • 30-Day Notice of Lease Expiration: Written notice of the scheduled expiration of the residential lease at least 30 calendar days prior to said expiration
  • 5-Day Grace Period for Late Rent Payments: A minimum five calendar day period from the rent due date before late fees or other penalties can be charged, e.g., if rent is due on the 1st day of the month, a late fee cannot be charged until the 6th day of the month if rent is still unpaid.

Read the Full Article Here

FAQ

ATTRIBUTION: You are free to share this content, copy and redistribute the material in any medium or format for any purpose, even commercially, however you must give appropriate credit. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.

Rental Property Association of Wisconsin, Inc. (Formerly AASEW)
P.O. Box 4125
Milwaukee, WI 53204-7905
Phone: 414-276-7378


Powered by Wild Apricot Membership Software