California’s rent reporting implementation deadline is fast approaching!
SB1157 is a first in the nation legislation that requires California landlords who receive local, state or federal housing subsidies to offer their residents the option of having their rental payments reported to a major credit bureau. It went into effect on July 1st, 2021, at which point all assisted housing development owner/operators were expected to offer any new tenants the option to have their rent reported to the credit bureaus.
Now, a new deadline is fast approaching!
By October 1st 2021, assisted housing development owners/operators must offer the opportunity to opt-in to rent reporting to all of their tenants at least twice a year.
What landlords must comply with SB1157?
Any owner/operators of assisted housing developments must comply. An assisted housing development is any multifamily rental housing development that receives governmental assistance through the programs listed in Section 65863.10 of California Government Code (here). You can learn more about the SB1157 here.
What’s required of assisted housing development owner/operators by October 1st?
By this time, owner/operators of assisted housing developments should be set up to offer rent reporting to their tenants. In addition to having rent reporting functionality, owner/operators should equip residents with information about rent reporting and how to sign up. There are several ways to offer rent reporting. You can start learning more about your implementation options here.
What if I’m not set up to offer rent reporting to tenants yet?
Housing providers should do their best to implement rent reporting as close to October 1st as possible. Beyond our website, feel free to reach out to email@example.com for guidance.