Access to Homeownership Act

The Access to Homeownership Act would require certain federally backed multifamily mortgage loans to support reporting of residents’ positive rental payments to consumer reporting agencies (CRAs). Specifically, it adds a new provision (Section 1355A) to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. Under the bill, multifamily borrowers with federally backed loans (properties with 5+ units, funded or insured by federal programs or owned/securitized by Fannie Mae or Freddie Mac) must establish a program to obtain residents’ consent to report their on-time rent payments to CRAs, including up to 24 months of prior positive rent history if available. The reported payments could be used in mortgage insurance underwriting (Section 203 of the National Housing Act). Administrative costs would be borne by the housing Enterprises (Fannie Mae/Freddie Mac), with Congress receiving a report every five years and appropriations authorized as needed to implement the section. In short, the bill creates a process for turning timely rent payments into tradable credit history for residents, aiming to expand credit access and support homeownership, while placing implementation and cost responsibilities on the government-sponsored enterprises and requiring periodic congressional reporting.