Landlords that have mortgages provided by Fannie Mae and Freddie Mac will soon be required to send a 30-day notice before they can hike rent prices or evict tenants, the Federal Housing Finance Agency has announced announced. The new rule will also require a five-day notice regarding tardy rental payments.
The changes will take effect in February 2025. They will apply to new originations and refinancings.
The move is part of a larger push by the Biden Administration to provide renter protections to the millions of Americans living in federally-backed properties. Last year the FHFA issued a request for input regarding protections that Fannie Mae and Freddie Mac could require from companies seeking multifamily mortgages.
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