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Director Thompson,

As a local provider of rental housing, we are constantly sensitive to the needs of both the land and the tenant in what is undeniably a symbiotic relationship. Both need each other and although many might want to think that landlords want to pray on tenants, that simply does not play out well for a landlord in the long run.

Happy, content tenants, that receive good service at a value price point for both parties in the long run make the best customers. We have always and continue to strive to have lease documents and consistent policies and procedures that make the relationship simple and productive for our tenants. In additions, we have always provided clear and prompt communication with our customers on everything from lease renewals to service they require. This is the goal and obligation of any quality landlord.

Good landlords also make the time and take the effort to provide quality management personnel at a community to know and understand their tenants and therefore step in when need to help with payment issues and affordability. As an example, during the pandemic and after, as tenants needed a great deal of guidance and assistance to retain their housing, our management team worked tirelessly on individual basis to work out affordability and recovery so that our customers could maintain their quality housing.

Our experience has always been that added regulation and layering of more requirements impedes the providing of quality affordable housing, and in the long run, ultimately has a negative impact on the intended group to be served, the tenants.

Thank you for the opportunity to respond to your Request for Input (RFI) on how the Federal Housing Finance Agency (FHFA), in its oversight of Fannie Mae and Freddie Mac, can best provide affordable housing opportunities for renters. Approximately 40% of the National Association of REALTORS®'s (NAR) 1.5 million members own at least one rental housing unit, playing a vital role in providing safe, quality, and affordable housing in neighborhoods nationwide.

As the FHFA examines ways to improve access to affordable housing, it is critical to acknowledge the most significant driver of housing unaffordability is the limited supply of available housing. According to NAR data, the United States has an underproduction gap of over 5.5 million units – a key underlying reason housing costs have increased. On top of this, inflation has increased the prices of goods and services for all Americans. As housing providers strive to provide affordable housing opportunities in their communities, they also contend with rising mortgage rates and increased costs for supplies, services, and maintenance. When inflation is high, the prices of materials increase. That means it becomes exceedingly more expensive for construction teams to build new homes or renovate existing ones. Ultimately, these high costs spill into the housing market and lift home prices for new builds and existing housing.

As REALTORS®, we are committed to upholding the very specific provisions of our contracts with residents, and we often go above and beyond what is required to ensure residents have safe, quality, and affordable places to live. Rental housing is a deeply complex issue that is unique to every community. Creating additional layers of policies to a space that is already heavily regulated by state and local governments will have severe unintended consequences for renters as housing providers are leaving the market in communities where affordable housing is sorely needed.

Affordable housing is pivotal to creating paths to upward mobility for people across the country. I appreciate your commitment to ensuring we achieve this goal without impeding the creation of much-needed housing supply. Matthew Weaver