HR 119: Strengthening Rental Protections Act of 2023

This article discusses the key provisions and implications of HR 119, also known as the Strengthening Rental Protections Act of 2023.

Key Provisions:

• Requires Fannie Mae and Freddie Mac to prioritize affordable housing in their investments
• Establishes standards for multifamily rental mortgages to ensure renter protections
• Conducts reviews of anti-competitive behaviors in the single-family housing and residential rental markets

HR 119, also known as the Strengthening Rental Protections Act of 2023, aims to address the growing concerns about affordable housing and renter protections in the United States. The bill has three main provisions that aim to ensure renters have access to safe and affordable housing.

Section 1: Establishment of a National Rental Housing Database

The first section establishes a national rental housing database to track rent increases, evictions, and other relevant data. This database will help researchers, policymakers, and advocacy groups better understand the state of affordable housing in the country.

Section 2: Fannie Mae and Freddie Mac Investments

"The Director shall, by regulations issued after notice and opportunity for interested parties to comment at a public hearing, establish standards and criteria for the purchase by the enterprises of mortgages on multifamily rental housing as the Director considers necessary to ensure basic renter protections and prevent egregious rent increases for tenants in such housing."

The second section requires Fannie Mae and Freddie Mac, two government-sponsored enterprises that provide mortgage financing, to prioritize affordable housing in their investments. This means they will need to consider factors like rent growth, evictions, and tenant stability when making lending decisions.

Section 3: Anti-Competitive Behaviors Review

The third section establishes a review of anti-competitive behaviors in the single-family housing and residential rental markets. This review aims to identify any practices that prevent renters from accessing or staying in housing, such as unfair screening processes or information sharing.

Section 4: Limitation on Fannie Mae and Freddie Mac Investments

The fourth section amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to include a new provision that limits the investments of Fannie Mae and Freddie Mac in multifamily rental mortgages. This means they will need to consider factors like rent growth and tenant stability when making lending decisions.