Freddie Mac Multifamily Announces Lease Standards Policy Framework
Freddie Mac Multifamily has released a policy framework for minimum lease standards at multifamily properties with new enterprise-backed loans. The standards, announced by the FHFA in July, include a 5-day grace period for rent payments, a 30-day notice for rent increases, and a 30-day notice of lease expiration. These requirements will apply to new loans under application starting February 2025.
The policy framework, published jointly with Fannie Mae, outlines implementation, monitoring, and enforcement provisions. Freddie Mac's head of Multifamily, Kevin Palmer, stated that these standards aim to extend common baseline tenant protections. The company conducted research and engaged with stakeholders to identify best practices before implementing this change.
Freddie Mac Multifamily ha rilasciato un quadro politico per i minimi standard di locazione negli immobili multifamiliari con nuovi prestiti supportati dall'ente. Gli standard, annunciati dalla FHFA a luglio, includono un periodo di grazia di 5 giorni per i pagamenti dell'affitto, un preavviso di 30 giorni per gli aumenti dell'affitto e un preavviso di 30 giorni sulla scadenza del contratto di locazione. Questi requisiti si applicheranno ai nuovi prestiti in fase di richiesta a partire da febbraio 2025.
Il quadro politico, pubblicato congiuntamente a Fannie Mae, delinea le disposizioni per l'attuazione, il monitoraggio e l'applicazione. Kevin Palmer, responsabile del settore Multifamily di Freddie Mac, ha dichiarato che questi standard mirano a estendere le protezioni di base comuni per gli inquilini. L'azienda ha condotto ricerche e coinvolto le parti interessate per identificare le migliori pratiche prima di attuare questa modifica.
Freddie Mac Multifamily ha lanzado un marco de políticas para los estándares mínimos de arrendamiento en propiedades multifamiliares con nuevos préstamos respaldados por la empresa. Los estándares, anunciados por la FHFA en julio, incluyen un período de gracia de 5 días para los pagos de alquiler, un aviso de 30 días para aumentos de alquiler y un aviso de 30 días para la expiración del contrato de arrendamiento. Estos requisitos se aplicarán a nuevos préstamos en aplicación a partir de febrero de 2025.
El marco de políticas, publicado conjuntamente con Fannie Mae, describe las disposiciones para la implementación, el monitoreo y la aplicación. Kevin Palmer, jefe de Multifamily en Freddie Mac, afirmó que estos estándares buscan extender las protecciones básicas comunes para los inquilinos. La empresa llevó a cabo investigaciones e involucró a las partes interesadas para identificar las mejores prácticas antes de implementar este cambio.
Freddie Mac Multifamily는 새로운 기업 자금 지원 대출이 있는 다세대 주택의 최소 임대 기준을 위한 정책 프레임워크를 발표했습니다. FHFA가 7월에 발표한 이 기준에는 임대료 납부를 위한 5일의 유예 기간, 임대료 인상에 대한 30일 전 통지, 임대 계약 만료에 대한 30일 전 통지가 포함됩니다. 이러한 요구 사항은 2025년 2월부터 신청 중인 새로운 대출에 적용됩니다.
Fannie Mae와 공동으로 발표된 이 정책 프레임워크는 시행, 모니터링 및 집행 조항을 설명합니다. Freddie Mac의 Multifamily 부서장인 Kevin Palmer는 이 기준이 일반적인 기본 세입자 보호를 확대하는 것을 목표로 한다고 밝혔습니다. 회사는 이 변화를 시행하기 전에 연구를 수행하고 이해관계자와 협력하여 모범 사례를 식별했습니다.
Freddie Mac Multifamily a publié un cadre politique pour les normes minimales de location dans les propriétés multifamiliales avec de nouveaux prêts garantis par l'entreprise. Les normes, annoncées par la FHFA en juillet, comprennent une période de grâce de 5 jours pour les paiements de loyer, un préavis de 30 jours pour les augmentations de loyer et un préavis de 30 jours concernant l'expiration du bail. Ces exigences s'appliqueront aux nouveaux prêts en cours de demande à partir de février 2025.
Le cadre politique, publié conjointement avec Fannie Mae, décrit les dispositions relatives à la mise en œuvre, à la surveillance et à l'application. Kevin Palmer, responsable de Multifamily chez Freddie Mac, a déclaré que ces normes visent à étendre les protections de base communes pour les locataires. L'entreprise a mené des recherches et consulté les parties prenantes afin d'identifier les meilleures pratiques avant d'appliquer ce changement.
Freddie Mac Multifamily hat einen politischen Rahmen für die Mindeststandards für Mietverträge bei Mehrfamilienhäusern mit neuen unternehmenseigenen Krediten veröffentlicht. Die Standards, die von der FHFA im Juli angekündigt wurden, umfassen eine 5-tägige Karenzzeit für Mietzahlungen, eine 30-tägige Kündigungsfrist für Mieterhöhungen und eine 30-tägige Kündigungsfrist für Mietvertragsablauf. Diese Anforderungen gelten für neue Kredite, die ab Februar 2025 beantragt werden.
Der politische Rahmen, der gemeinsam mit Fannie Mae veröffentlicht wurde, umreißt die Bestimmungen zur Umsetzung, Überwachung und Durchsetzung. Kevin Palmer, Leiter des Geschäftsbereichs Multifamily von Freddie Mac, erklärte, dass diese Standards darauf abzielen, gängige Basisschutzmaßnahmen für Mieter zu erweitern. Das Unternehmen hat Recherchen durchgeführt und Interessengruppen einbezogen, um bewährte Verfahren zu identifizieren, bevor diese Änderung umgesetzt wurde.
- Implementation of tenant protection measures, potentially improving Freddie Mac's public image and social responsibility
- Collaboration with Fannie Mae and FHFA in developing the policy framework, indicating industry alignment
- Historically, over 90% of Freddie Mac's funded rental units are affordable for low-to-moderate income families
- Securitization of about 90% of multifamily loans, transferring credit risk from taxpayers to private investors
- New policy may potentially increase administrative burden for borrowers and lenders
- Possible resistance from property owners who may need to adjust their current practices
- Potential impact on loan origination volume if some borrowers choose alternative financing options
Tenant Protections Announced in July to Take Effect February 2025
MCLEAN, Va., Aug. 28, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) Multifamily today published an overview of its policy framework to require minimum lease standards at multifamily properties with a new enterprise-backed loan. Announced by the Federal Housing Finance Agency (FHFA) in July, the lease standards require a 5-day grace period for rent payments, a 30-day notice for rent increases and a 30-day notice of a lease expiration. The policy will apply to new loans under application beginning in February of 2025.
The policy framework, which was published jointly by both Freddie Mac and Fannie Mae on their respective websites today, includes an overview of implementation, monitoring and enforcement provisions. The Enterprises also published identical FAQ documents. Additional details will be provided in updates to the Multifamily Seller/Servicer Guide and loan documents in early 2025.
“These lease standards seek to extend the reach of common baseline tenant protections,” said Kevin Palmer, head of Multifamily for Freddie Mac. “Although many borrowers already exceed these minimum standards, all will be required to meet the standards to obtain GSE financing in the future. The details we released today are intended to give lenders, borrowers and other market participants clearer expectations with regard to how we will implement, monitor and enforce the new requirement.”
Prior to making this change, Freddie Mac worked with Fannie Mae and FHFA to examine the landscape of state landlord-tenant laws and engaged with stakeholders to identify best practice tenant protections. Groundbreaking research findings were published in Freddie Mac’s National Survey of Tenant Protections. Freddie Mac continues to work across the multifamily industry to encourage broader adaptation of resident-centered housing practices. Learn more about our work here.
Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT: Melissa Silverman
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Melissa_Silverman@FreddieMac.com
FAQ
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