Washington, D.C. — U.S. Senator Jon Ossoff is introducing legislation to help Georgia families become homeowners.
This week, Sen. Ossoff introduced legislation to help renters purchase homes by including their positive rental payment history in reports to credit bureaus, helping boost credit ratings.
The Access to Homeownership Act would require landlords that receive financing through the Federal government, including through Fannie Mae or Freddie Mac, for multifamily properties like apartment buildings to offer tenants the ability to have their on-time rental payments reported to credit bureaus.
The tenants’ positive rental payments would also be incorporated into the risk assessment standards for Georgians who apply for Federally insured mortgages through the Federal Housing Administration (FHA), further boosting families’ ability to access affordable homeownership opportunities.
“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,” Sen. Ossoff said. “I thank Georgia State Representative Yasmin Neal for her steadfast advocacy on this issue and for working alongside me to draft this legislation.”
“Doing right by the people and doing real work is at the core of the legislation me and the Senator pursue. I am humbled that the Senator and his staff have been so open to exploring creative ways to help Americans get access to housing with me. Me, the Senator and his staff have worked and had countless exhaustive meetings for two years to build housing measures that truly changes people’s lives. This bill does just that. The percentage of Americans in rental homes is at an all time high and owning a home is the American dream; Me and the Senator want to ensure that every American has a fair shot at that dream,”said Georgia State Representative Yasmin Neal (GA-74).
Sen. Ossoff’s bill would require the Federal Housing Finance Agency (FHFA) to give a detailed report to Congress after five years on the results of the program.
Sen. Ossoff continues working to help Georgians afford homes and improve housing conditions.
In April, Sen. Ossoff delivered Federal resources to Atlanta Habitat for Humanity, supporting its ongoing work in the Browns Mill Village Development, a mixed-income community of owner-occupied homes in Atlanta. He also delivered Federal resources to Southern Crescent Habitat for Humanity supporting its work in the Lovejoy neighborhood.
In March, Sen. Ossoff convened a U.S. Senate Human Rights Subcommittee Hearing in Roswell to receive testimony from renters and experts about the mistreatment of tenants by landlords in Georgia and nationwide and threats to the safety of children in dangerous living conditions.
In January, Sen. Ossoff’s bipartisan Junior Enlisted Housing Affordability Act with Sen. Thom Tillis (R-NC) to update how the Department of Defense (DoD) calculates housing allowances for junior enlisted servicemembers with dependents to more accurately assess their housing costs, was signed into law.
Last year, Sen. Ossoff and Sen. Sherrod Brown, Chairman of the Senate Banking, Housing, and Urban Affairs Committee,requested information from the Department of Housing and Urban Development (HUD) on alleged mistreatment of renters by landlords.
Sen. Ossoff has also pushed the Federal Housing Finance Agency to address the inadequate supply of affordable housing across rural Georgia.
Click here to read the Access to Homeownership Act.
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