Student Rentals in Wisconsin
If you’re looking for student rentals in Wisconsin, you likely know how tough the housing market is right now. Fortunately, with equal opportunity housing and student-specific housing, there are also options available to you that otherwise wouldn’t be. In this article, we will address the fundamentals of equal opportunity housing as well as the difference between student housing and equal opportunity housing.
What Is Equal Opportunity Housing?
Equal Opportunity Housing sounds like a good thing—but what does it mean, exactly? Equal Housing Opportunity stems from a series of laws put in place to protect folks looking to rent an apartment or a house. Under Equal Opportunity Housing, each applicant is given a fair shake when it comes to financing their rental—so long as the tenant can pay for the rental, they have the right to rent it.
Who Does Equal Opportunity Housing Protect?
Equal Opportunity Housing is about protecting many groups of people that may otherwise experience discrimination based on their identity for a myriad of reasons. This series of laws aims to protect vulnerable populations that may experience discrimination based on:
· Sexual orientation
· Marital or family status
· Military status
The above groups are protected by the Department of Housing and Urban Development (HUD), which regulates housing through its Office of Fair Housing and Equal Opportunity (FHEO). While the HUD is a place folks can go and file a complaint if they feel they are experiencing discrimination, this is typically managed at the state level—which is why the HUD partnered with the Federal Housing Finance Administration (FHFA) to better enforce Fair Housing laws on a nationwide scale. The FHFA also regulates government-sponsored enterprises like Fannie Mae and Freddie Mac.
What Is the Fair Housing Act?
The Fair Housing Act was signed by President Lyndon Johnson on April 11, 1968 in order to prohibit discrimination during the sale, rental, or financing of a house based on any of the qualities in the bulleted list above. Arriving on the heels of the Civil Rights Movement, the Fair Housing Act was associated with Rev. Dr. Martin Luther King, Jr, and was signed into effect shortly after his assassination.
What Is Fannie Mae and Freddie Mac?
Fannie Mae and Freddie Mac are mortgage companies created by the United States Congress designed to guarantee and purchase mortgages stemming from a secondary market of lenders. While neither Fannie Mae nor Freddie Mac issue their own mortgages, they act to keep the housing market more affordable by increasing liquidity.
Fannie Mae was created by Congress in 1938 as a response to the housing crisis during the Great Depression. It is the nickname for its longer nomenclature, Federal National Mortgage Association (FNMA).
Freddie Mac, or Federal Home Loan Mortgage Corporation (FHLMC), was passed in 1970 as a sort of extension of Fannie Mae. Unlike its predecessor, Freddie Mac will buy up mortgages from smaller banks like credit unions, while Fannie Mae focuses on mortgages from larger commercial banks.
Does My Apartment Complex Participate in Equal Opportunity Housing?
So, does your rental participate in equal opportunity housing? Fortunately for you, participating organizations will describe themselves as an “equal housing lender” on any kind of social media platform or advertisement. Equal Opportunity Housing will also often sport the equal housing lender logo, shown below.
If you have any doubts about whether a rental participates in Equal Opportunity Housing, be sure to ask.
What’s the Difference Between Student Housing and Equal Opportunity Housing?
The majority of college campuses participate in Fair Housing programs for their students—so in effect, many student housing opportunities are Equal Opportunity Housing. However, “students” aren’t themselves considered to be a “protected class,” but they should still have the same rights as anyone else when it comes time to find housing.
Student Rentals in Wisconsin
If you’re looking for student rentals in Wisconsin, it’s in your interest to look for Equal Opportunity Housing, especially if you qualify as a “protected class.” This measure backed by the Fair Housing Act of 1968 ensures that all Americans are offered the same chance at renting (or even purchasing) a property in their lifelong pursuit of happiness.