These protections are included in the Enterprise Multifamily Lease Standards Policy announced by the Federal Housing Finance Agency (FHFA) in July.
“The new Enterprise Multifamily Lease Standards align with our mission to expand access to housing that is both affordable and sustainable,” Fannie Mae Multifamily head Michele Evans said in the announcement. “They reflect our comprehensive Renter Needs Research and methodical approach to analyzing renter obstacles and outcomes and will provide the industry with consistent expectations regarding tenant notification and grace period practices.”
To aid implementation, Fannie Mae and Freddie Mac have published FAQs and a policy grid outlining the standards, applicability, loan document updates, implementation requirements, and monitoring and enforcement details. Fannie Mae plans to provide additional information to lenders and borrowers before the February 2025 effective date.
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Tenants can use Fannie Mae’s Renters Resource Finder online tool to determine if they live in a Fannie Mae-backed multifamily property.
Source: mpamag.com