H.R. 4680 — Access to Homeownership Act

This section establishes a new section 1355A of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requiring the Federal Housing Finance Agency (FHFA) Director to direct the enterprises—Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac)—to implement programs under which borrowers with federally backed multifamily mortgage loans (i.e., loans secured by first or subordinate liens on properties designed for occupancy by 5 or more families and backed by federal programs, HUD, or the enterprises) request residents' consent to report positive rent payments, including 24 months of prior payments if available, to nationwide consumer reporting agencies; such reporting is required upon consent. It further requires that positive rent payments reported under these programs be considered in applications for Federal Housing Administration (FHA) single-family mortgage insurance under section 203(b) of the National Housing Act (12 U.S.C. 1709); directs the enterprises to cover associated administrative costs; requires the FHFA Director to report to Congress every five years on the programs; and authorizes appropriations as necessary.