Access to Homeownership Act
- Bill Number
- H.R. 4680
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-07-23: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-03-27T08:06:45Z
AI-Generated Summary
Summary of H.R. 4680: Access to Homeownership Act
Purpose
This legislation aims to improve access to homeownership for renters by requiring the reporting of positive (on-time) rental payments to credit bureaus. By building credit history through rent payments, renters—especially those in federally supported multifamily housing—can qualify more easily for mortgages.
Key Provisions
- Definition of Federally Backed Multifamily Mortgage Loans: These include loans (excluding short-term construction financing) secured by properties with 5 or more residential units, where the loan is funded, insured, guaranteed, or assisted by a federal agency (such as the Department of Housing and Urban Development, or HUD), or purchased/securitized by Fannie Mae or Freddie Mac.
- Reporting Requirement: The Director of the Federal Housing Finance Agency (FHFA) must require Fannie Mae and Freddie Mac (referred to as "enterprises") to create a program. Under this program:
- Multifamily property owners or borrowers with such loans must ask tenants for permission to report their positive rent payments.
- If tenants consent, reports must go to nationwide consumer reporting agencies (credit bureaus listed in the Fair Credit Reporting Act) and include up to 24 months of prior positive payments, if available.
- Use in Mortgage Applications: Positive rent payments from consenting tenants must be factored into applications for FHA-insured single-family home mortgages under the National Housing Act.
- Cost Coverage: Enterprises (Fannie Mae and Freddie Mac) must pay all administrative costs for the reporting program.
- Oversight and Reporting: The FHFA Director must submit a report to Congress every 5 years on the program's implementation and effectiveness.
- Funding: Authorizes Congress to appropriate necessary funds to implement the program.
Significant Changes to Existing Law
- Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 by adding a new section (1355A) that mandates positive rent payment reporting for the first time in federally backed multifamily loans.
- Introduces a direct link between rental payment history and FHA mortgage evaluations, expanding how creditworthiness is assessed beyond traditional credit reports.
- No changes to existing negative reporting (e.g., late payments); this focuses solely on positive contributions to credit building.
Potential Impacts
- On Citizens: Renters in multifamily housing could build or improve their credit scores through documented on-time payments, making it easier to secure home loans and achieve homeownership. This may particularly benefit low- and moderate-income individuals who lack other credit history.
- On Government Agencies: FHFA and HUD will oversee implementation, potentially increasing administrative workload but with costs borne by enterprises. Could lead to higher FHA mortgage approvals if credit profiles improve.
- On International Relations: No direct impact, as the bill focuses on domestic housing finance.
- Broader effects include reduced barriers to housing stability and potential increases in homeownership rates, though uptake depends on tenant consent and program adoption.
Main Stakeholders
- Renters/Tenants: Primary beneficiaries, as they can opt in to have payments reported to build credit.
- Multifamily Property Owners/Borrowers: Required to seek tenant consent and report payments, adding operational steps but with no direct costs to them.
- Fannie Mae and Freddie Mac: Must establish and fund the reporting program.
- FHFA and HUD: Responsible for regulation, oversight, and integration into mortgage processes.
- Consumer Reporting Agencies: Receive and incorporate rental data into credit reports.
- Aspiring Homebuyers: Indirectly affected through improved credit access, especially those transitioning from renting.
Notable Implications
- Legal: Strengthens consumer protections under the Fair Credit Reporting Act by promoting inclusive credit data, but relies on voluntary tenant consent to avoid privacy violations. No challenges to existing loan programs anticipated.
- Constitutional: Aligns with Congress's authority to regulate housing finance and interstate commerce; no apparent free speech, privacy (beyond consent), or equal protection issues.
- Political: Supports goals of affordable housing and economic mobility, potentially appealing across party lines by addressing credit gaps for underserved communities. Could face debate over implementation costs or effectiveness, with required congressional reports providing accountability.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (6)
Rep. Tlaib, Rashida [D-MI-12], Rep. Sorensen, Eric [D-IL-17], Rep. Elfreth, Sarah [D-MD-3], Rep. Sykes, Emilia Strong [D-OH-13], Rep. McBride, Sarah [D-DE-At Large], Rep. Latimer, George [D-NY-16]
Recent Actions
- 2025-07-23: Referred to the House Committee on Financial Services.
- 2025-07-23: Introduced in House
- 2025-07-23: Introduced in House
Bill Versions
- Access to Homeownership Act — issued 2025-07-23 — PDF (4 pages)