Learn more about the temporary pause. 

The Federal Housing Finance Agency (FHFA) has issued a three-month pause on its directive imposing three new federally mandated landlord and tenant requirements on covered multifamily properties financed through Fannie Mae and Freddie Mac (the Enterprises). FHFA has instructed the Enterprises to delay implementation until at least May 31, 2025. Given the imminent effective date of this directive, February 28, 2025, FHFA’s announcement is a win for the industry.   

This directive would have been applicable to rental properties with new loans through the Enterprises that are signed on or after the effective date, and covered housing providers would be required to provide their residents with a 30-day notice for rent increases; 30-day notice for lease expirations; and five-day grace period for late fees. 

According to the policy grids issued by Fannie Mae and Freddie Mac, housing providers would have to notify their residents of the new protections and change all residential leases at these communities to include the new standards. National Apartment Association (NAA) Click & Lease users can expect to receive a broadcast announcing the retraction of the new FHFA Amendment to Lease Contract that was released on February 12, 2025. 

In its comment letter to the Agency, NAA and its coalition partners argued that required leasing compliance with this mandate does not serve the public interest. Required changes to millions of leases are unnecessary, given the layers of state and local requirements with which housing providers already comply. These laws and regulations already provide renters with robust protections. 

Moreover, NAA strongly urged FHFA to reevaluate this directive through the lens of President Trump’s executive orders and memoranda. More time is needed for the Trump Administration to evaluate whether these Biden-era policies align with Presidential priorities. 

FHFA continues to pursue a measured and deliberative approach to policymaking which carefully considers stakeholder input, including comments from more than 3,000 NAA members and affiliates who joined NAA’s call to action when the Agency considered rent control. NAA will keep the industry abreast of new developments and continue its advocacy with federal policymakers to promote responsible and sustainable solutions to address renter’s housing affordability challenges and increase access to quality, affordable housing options. For more information on NAA’s advocacy with the Trump Administration, please contact NAA’s Public Policy Team.