The Federal Housing Finance Agency (FHFA) has temporarily postponed the implementation of new landlord-tenant regulations for multifamily properties backed by Fannie Mae and Freddie Mac until May 31, 2025. The real estate industry, including rental housing, views this extension positively since the original deadline was set for the end of February 2025, which was only days away.
The delay allows more time to adapt to the new regulations and gather industry feedback. On February 24, NAA, along with 8 other organizations, submitted a letter requesting this pause. They further stated that it would give the Trump Administration more time to evaluate whether these Biden-era policies align with Presidential priorities.
The new requirements for properties backed by Fannie Mae and Freddie Mac would have applied to rental properties that secure new loans through Fannie Mae and Freddie Mac starting on or after February 28, 2025 (now to be no sooner than the end of May). The potential requirements would involve updating lease agreements to incorporate specific tenant protections, including that residents receive a 30-day written notice prior to any rent increase, a 30-day written notice before lease expiration, and a 5-day grace period for late fees related to rent nonpayment.
As outlined in the policy grids released by these enterprises, housing providers will be obligated to inform their residents about these new protections and revise all residential leases within these communities to reflect the updated standards, once they go into effect (and barring any changes in the interim).
More information can be found here.
