Biden Adds New Tenant Protection for Federally Backed Mortgages

US regulators will require landlords with federally backed mortgages to provide 30 days’ notice to tenants before they increase rents or terminate a lease, under a new policy that will apply to millions of renters going forward.

Starting in February 2025, apartment owners who receive financing backed by Fannie Mae or Freddie Mac will be required to enact a number of tenant protections, including a mandatory five-day grace period on late rents. The directive from the Federal Housing Finance Agency will apply only to newly originated or refinanced mortgages.

“This the first step toward conditioning federal financing on tenant protections,” said ...