Bill > HR4680

This bill requires multifamily property owners with federally backed mortgage loans to request tenant consent to report their positive rental payment history to consumer reporting agencies. Specifically, the bill mandates that when a borrower has a mortgage on a residential property with 5 or more units that is supported by federal agencies like HUD or purchased by entities like Fannie Mae or Freddie Mac, they must give tenants the opportunity to have their on-time rent payments reported to credit bureaus. The reporting would include up to 24 months of prior positive rent payments if available. Importantly, tenant participation is voluntary and requires their explicit consent. The administrative costs of this reporting will be covered by the housing enterprises, and the Director of these enterprises must submit a report to Congress every 5 years about the program. The goal appears to be helping renters build credit history by having their consistent rent payments recognized, which could potentially make it easier for them to qualify for future loans or mortgages. The bill would amend the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to implement these requirements.

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https://www.congress.gov/bill/119th-congress/house-bill/4680/all-info