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Rent Payments Build Credit: Easier Path to Homeownership.

This bill mandates that owners of large apartment buildings with federally backed mortgages must offer tenants the option to report on-time rent payments to credit bureaus. If a tenant consents, this positive payment history (up to 24 months) must be considered when applying for federally insured mortgages. This aims to help renters establish a strong credit profile, making it easier for them to qualify for home loans.
Key points
Landlords with federal mortgage backing must offer tenants the ability to report positive rent payments to credit agencies.
Reporting is voluntary for the tenant and can include up to two years of past on-time payments.
Positive rent history must be factored into applications for FHA-insured mortgages.
Federal enterprises (like Fannie Mae and Freddie Mac) will cover the administrative costs of this reporting.
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Expired
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Additional Information
Print number: 118_S_4944
Sponsor: Sen. Ossoff, Jon [D-GA]
Process start date: 2024-08-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Access to Homeownership Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4944.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-08-01.

What are the main provisions?

Key points include:

  • Landlords with federal mortgage backing must offer tenants the ability to report positive rent payments to credit agencies.
  • Reporting is voluntary for the tenant and can include up to two years of past on-time payments.
  • Positive rent history must be factored into applications for FHA-insured mortgages.
  • Federal enterprises (like Fannie Mae and Freddie Mac) will cover the administrative costs of this reporting.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Ossoff, Jon [D-GA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Real Estate Economy