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70 70 70 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal BIDEN ADMINISTRATION TAKES ACTION TO PROMOTE RENTERS, AFFORDABILITY In order to further the principle of fair housing, the Biden-Harris Administration has announced new actions to increase fairness in the rental market. In addition, the Administration released in tandem a blueprint for a "Renters Bill of Rights" which lays out a set of principles to drive action by all levels of government and the private sector to strengthen tenant protections to encourage rental affordability. Key actions highlighted by the White House include: • e Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB), both independent agencies, announced they will collect information to identify practices that unfairly prevent appli- cants and tenants from accessing or staying in housing in order to inform enforcement and policy actions under each agency's juris- diction. is is the first time the FTC has issued a request for information exploring unfair practices in the rental market. e two agencies will seek information on a broad range of practices that affect the rental market, including the creation and use of tenant background checks, the use of algo- rithms in tenant screenings, the provision of adverse action notices by landlords and property management companies, and how an applicant's source of income factors into housing decisions. • e CFPB announced it will issue guidance and coordinate enforcement efforts with the FTC to ensure accurate information in the credit reporting system and to hold background check companies accountable for having unreasonable procedures. • e Federal Housing Finance Agency (FHFA), an independent agency, an- nounced it will launch a new public process to examine proposed actions promoting renter protections and limits on egregious rent increases for future investments. FHFA will maintain transparency throughout the process and provide periodic updates, including one within 6 months, to interested stakeholders. As announced in November, the FHFA will also increase affordability in the multifamily rental market by estab- lishing requirements that encourage the fi- nancing of multifamily loans that guarantee affordable housing. In 2022, Freddie Mac and Fannie Mae purchased a combined $142 billion in multifamily loans supporting over one million units. If the same activity holds in 2023, this would mean an investment in approximately 700,000 affordable units. • A U.S. Department of Justice workshop will inform potential guidance updates around anti-competitive information sharing, including in rental markets. • e U.S. Department of Housing and Urban Development will publish a notice of proposed rulemaking that would require public housing authorities and owners of project-based rental assistance properties to provide at least 30 days advanced notice before terminating a lease due to nonpay- ment of rent. • e Administration will hold quarterly meetings with a broad, diverse, and varying group of tenants and tenant advocates to en- sure they continue to have a seat at the table and can share ambitious ideas to strengthen tenant protections. e Renters Bill of Rights aims to give basic, key protections every renter deserves: • Safe, quality, accessible, and affordable housing. • Clear and fair leases that have defined rental terms, rights, and responsibilities. • Education, enforcement, and enhancements of renters' rights to protect renters from unlawful discrimination and exclusion. • e right to organize and bring grievances to landlords and property managers. • Eviction prevention, diversion, and relief to ensure a fair, legal process is followed. Over a third of the American popula- tion—44 million households—rent their homes. Before the pandemic, well over two million eviction fillings and roughly 900,000 evictions occurred annually—disproportionately affecting Black women and their children. Since then, rental housing has become less affordable with some landlords taking advantage of market