At Globe Live Media we explain the plan of the administration of President Joe Biden, in conjunction with independent federal agencies such as the FTC and the CFPB, to expand housing affordability and prevent evictions
The administration of the president of the United States, Joe Biden, recently announced a plan to expand the affordability of housing and prevent the eviction of tenants in the US, this in the midst of a context in which millions of middle-class Americans they have been pushed out of the real estate market due to high house prices.
This plan is intended to align with the Tenants’ Bill of Rights Project, which establishes a series of principles that the federal government will carry out in conjunction with state and local institutions, as well as the private sector, to strengthen protections for tenants. tenants.
The White House plan basically consists of six fundamental points:
1- Actions by the Federal Trade Commission and the Office of Consumer Financial Protection
Both agencies will establish a plan to collect information to help them identify practices that make it difficult for applicants and tenants to access housing.
This will be the first time the Federal Trade Commission (FTC) will investigate unfair practices in the rental market.
The FTC and the Consumer Financial Protection Bureau (CFPB) will investigate information about a wide range of factors that affect the rental market, including the creation and use of tenant records, the use of algorithms to when evaluating tenants, adverse notices from landlords, and how a tenant’s income affects whether or not to rent to a tenant.
2- CFPB and FTC investigations on credit reports
The CFPB, in conjunction with the FTC, will ensure that information in credit reporting systems is properly recorded, and will investigate the use of this information by tenant screening companies.
3- Actions of the Federal Housing Financing Agency
The Federal Housing Finance Agency (FHFA) announced a new public process to review actions to protect tenants and limit extraordinary rent increases.
In addition, it will continue with plans to increase the affordability of the rental market, establishing financing for loans for multi-family homes.
4- Actions of the Department of Justice
The US Department of Justice will hold workshops on the dissemination of anticompetitive information in the rental market.
5- Actions of the Department of Housing and Urban Development
The Department of Housing and Urban Development will publish a notice of a proposed rule that would require housing authorities and rental assistance property owners to give 30-day notice before terminating a rental agreement due to non-payment of rent. rent.
6- Actions of the White House
Finally, the Biden administration will hold regular meetings with groups of tenant representatives to make sure their ideas are heard.
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