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Ossoff pushes bill to help renters build credit to buy homes
Great work by Sen. Jon Ossoff, in conjunction with State Rep. Yasmin Neal (D-Morrow). I was amazed to learn that a positive history of rental payments doesn’t necessarily help build a prospective buyer’s credit rating. This is long overdue.
By Matt Reynolds, AJC - Aug. 10, 2024
U.S. Sen. Jon Ossoff has unveiled legislation requiring landlords to report positive rental histories to help residents build credit and eventually become homeowners.
The senator’s office said he had introduced the Access to Homeownership Act earlier this week. It would apply to landlords who receive federal funding, including through Fannie Mae or Freddie Mac, for multifamily apartment buildings.
According to Ossoff, the record of on-time rent payments would go into the risk assessment standards for Georgians applying for federally insured mortgages. The Federal Housing Financing Agency would report after five years on the impact of the bill, if lawmakers pass it and it is signed into law.
“Georgia families urgently need more affordable housing. That’s why I’m introducing this new legislation that will help families build credit as renters and better position them to become homeowners,” Ossoff said in a statement.
U.S. Sen. Jon Ossoff has unveiled legislation requiring landlords to report positive rental histories to help residents build credit and eventually become homeowners.
The senator’s office said he had introduced the Access to Homeownership Act earlier this week. It would apply to landlords who receive federal funding, including through Fannie Mae or Freddie Mac, for multifamily apartment buildings.
According to Ossoff, the record of on-time rent payments would go into the risk assessment standards for Georgians applying for federally insured mortgages. The Federal Housing Financing Agency would report after five years on the impact of the bill, if lawmakers pass it and it is signed into law.
“Georgia families urgently need more affordable housing. That’s why I’m introducing this new legislation that will help families build credit as renters and better position them to become homeowners,” Ossoff said in a statement.
More at link: https://www.ajc.com/news/atlanta-news/ossoff-pushes-bill-to-help-renters-build-credit-to-buy-homes/33NAOCZCA5DNNMOABEQXUYS7JY/#