The federal government helps landlords pay for properties through two government entities called Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac offer banks $150 billion each year to help landlords finance multi-family properties. The Federal Housing Finance Agency (FHFA) was established to oversee Fannie Mae and Freddie Mac. Their mission is to support the availability of safe, affordable housing. If you live in Shelby County, click here to see if your building is one of the buildings that will be directly impacted by the proposed regulations.
The FHFA recently issued a statement recognizing widespread unlawful and unethical landlord practices:
“FHFA recognizes that tenants can be exploited by housing providers who either do not abide by the law or their lease agreements, or who take advantage of opportunities created by lack of legal constraints. FHFA is also aware of widespread concerns about the potential harms of legal and lease-compliant practices that may lead to the exploitation of low income tenants. If such exploitation occurs, tenants often have little recourse or ability to oppose the housing provider’s action. These circumstances can result in the loss of the tenant’s housing.”
“FHFA recognizes that tenants can be exploited by housing providers who either do not abide by the law or their lease agreements, or who take advantage of opportunities created by lack of legal constraints. FHFA is also aware of widespread concerns about the potential harms of legal and lease-compliant practices that may lead to the exploitation of low income tenants. If such exploitation occurs, tenants often have little recourse or ability to oppose the housing provider’s action. These circumstances can result in the loss of the tenant’s housing.”
THE GOVERNMENT WANTS TO MAKE RULES TO PROTECT TENANTS.
The FHFA can make rules about how Fannie Mae and Freddie Mac operate. As a result of tenant organizing, the FHFA has undertaken a public input process to identify concrete solutions to protect renters from exploitative landlords. They are deciding whether to condition government-backed loans on a set of tenant protections, and which protections to enact. Protections might include federal regulations on rent increases, eviction procedures, housing conditions, a landlord registry, just cause eviction and even the creation of a federal office to enforce these protections.
Federal regulation of these issues is particularly important right now because so many state legislatures – including Tennessee’s – have passed laws that limit our local government’s ability to enact regulations that protect tenants.
Federal regulation of these issues is particularly important right now because so many state legislatures – including Tennessee’s – have passed laws that limit our local government’s ability to enact regulations that protect tenants.
THE GOVERNMENT WANTS COMMENTS FROM TENANTS TO INFORM THEIR DECISION.
This decision could benefit more than 12.4 million tenants.
The government has already received over 2,200 comments.
A national organization contacted us to tell us that they want to hear about tenant protections in Tennessee.
Let’s let them know that we need more Tenant Protections.
This decision could benefit more than 12.4 million tenants.
The government has already received over 2,200 comments.
A national organization contacted us to tell us that they want to hear about tenant protections in Tennessee.
Let’s let them know that we need more Tenant Protections.
QUESTIONS?
Comments must be submitted by 11:59pm July 31, 2023.
Information on these pages courtesy of
Homes Guarantee, the National Low Income Housing Coalition, and TenantComment.org.
Homes Guarantee, the National Low Income Housing Coalition, and TenantComment.org.