Access to Homeownership Act

This bill would set up a program so landlords with certain federally backed multifamily loans ask renters for permission to report their positive rent payments to the nationwide credit reporting agencies. If a renter says yes, the landlord must report those payments, including up to 24 months of past positive payments if available. The enterprises would cover the administrative costs of this reporting. Positive rent payments must also be considered when someone applies for a mortgage insured under the National Housing Act, and the regulator must report to Congress on the program every five years.

Key points:

• Who is affected: Renters living in buildings with 5 or more units where the property’s loan is backed by the federal government or purchased/securitized by Fannie Mae or Freddie Mac.
• What changes: With renter consent, landlords must report positive rent payments to the nationwide consumer reporting agencies, including up to 24 months of prior positive payments; enterprises pay the admin costs.
• Oversight and use: The housing regulator orders the program, issues rules, and files a report every five years; positive rent payment history must be considered in certain federally insured mortgage applications.