H.R. 4680 requires companies that own federally backed apartment building loans to set up programs allowing residents to report their on-time rent payments to credit reporting agencies. The bill affects multifamily property borrowers (owners of buildings with five or more units) who have loans backed by federal agencies like HUD, Fannie Mae, or Freddie Mac. Under the legislation, residents can consent to have up to 24 months of positive rent payment history reported to consumer reporting agencies, which could help build their credit records and improve their chances of qualifying for home mortgages. The bill requires these costs to be covered by the enterprises managing the loans rather than passed on to borrowers or residents. The Director of the Federal Housing Finance Agency must submit a progress report to Congress every five years on how these programs are working.
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