Comment Detail

Comment

My name is Kim Krombeen and I am a provider of rental housing. This letter is in response to the FHFA’s Request for Input on tenant protections for properties using federally-backed financing.

As a rental housing provider, I am committed to complying with state and local tenant protection laws which are tailored by and for individual jurisdictions. For landlord-tenant law, the needs of one city or state may not apply to another; and imposing unworkable requirements can only complicate regulations that each locality has judged to adequately protect residents. Therefore, there can be no “one-size-fits-all” approach to tenant protections in an industry that fundamentally operates at a local level.

Fannie Mae- and Freddie Mac-backed financing is an important tool to keep housing costs affordable for low- and moderate-income renters and to operate in underserved markets. However, if accepting these loans would limit control of my operations, that could ultimately hurt my ability to make mortgage payments. I may also look to other means of financing in the future to maintain financial viability. Either way, any increases in the cost of providing housing contribute to the affordability crisis we see today.

Rather than impose tenant protection requirements on federally-backed properties, I respectfully urge FHFA to focus on policies that would increase the supply of affordable housing and expand utilization of Fannie Mae and Freddie Mac. Fannie Mae’s Expanded Housing Choice Initiative, which incentivizes acceptance of Housing Choice Vouchers with lower pricing and flexible loan terms, and its Rent Payment Reporting Program are examples of more balanced and sustainable solutions that help us collectively get to our shared goal of keeping renters stably housed.

Thank you for considering my views,

Kim Krombeen