Peach Tree Times

State Representative Yasmin Neal (D-Jonesboro) has collaborated with U.S. Senator Jon Ossoff (D-GA) to introduce new federal legislation aimed at aiding Georgia families in becoming homeowners. The proposed Senate Bill 4944 was introduced in the United States Senate last week.

“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 stated. “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 Senator Ossoff pursue,” said Rep. Neal. “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 change 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.”

The legislation mandates landlords receiving federal financing through entities such as Fannie Mae or Freddie Mac for multifamily properties, including apartment buildings, provide tenants with the option to have their on-time rent payments reported to credit bureaus. These positive rental payments would be factored into risk assessment standards for Georgians applying for federally insured mortgages through the Federal Housing Administration (FHA). Additionally, Sen. Ossoff’s bill requires the Federal Housing Finance Agency (FHFA) to submit a detailed report to Congress after five years, evaluating the program’s outcomes.

More information on this initiative may be found here.