Washington – RealEstateRama – Senate Bill 1157, beginning July 1, 2021 and extending through July 1, 2025, requires landlords of multifamily housing to offer residents the option of having rental payments reported to a major credit reporting agency. It applies to rental housing developments with five or more units that receive certain types of government assistance.
Rainbow Housing Assistance Corporation (Rainbow), a non-profit organization that provides impactful resident services to several affordable communities across California, partners with Esusu‘s rent reporting platform that sends on-time rental payment data to credit bureaus, allowing tenants to build and improve their credit scores. Justin M. Walker, National Director of Business Development & Media of Rainbow provided this statement about the bill:
“SB 1157 offers a credit-building lifeline to Californians who want to build and improve upon their credit as renters. Our partnership with Esusu helps ensure compliance with SB 1157 giving residents access to the company’s rent reporting platform in combination with Rainbow’s stabilizing programs and services. It makes those all-important milestones to financial freedom more attainable. Additionally, residents needing financial assistance can receive Esusu’s no-interest loans. Ultimately, we are providing the tools for self-sufficiency and long-term tenancy.”
Rainbow provides impactful resident services to?126 rental-housing communities, representing 16,384 units across the country. To learn more about Rainbow, please visit?https://rainbowhousing.org/.
Rainbow Housing Assistance Corporation?(Rainbow) is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country. With award-winning services available throughout the United States, Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds.
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