View or download a PDF of the letter here.

AFR-EF joined with the FACT Coalition and 35 organizations committed to affordable housing to support the Financial Crimes Enforcement Network (FinCEN) of the United States (U.S.) Department of the Treasury (Treasury)’s notice of proposed rulemaking (NPRM) to establish anti-money laundering regulations for certain residential real estate transfers. Aspiring homebuyers and renters alike simply should not be forced to compete with anonymous entities – including those concealing criminal or other abusive activity – for limited affordable housing options at ever-inflated prices. Additionally, we urged FinCEN to enumerate clear, appropriate penalties for failure to file required information and to enact comparable safeguards against money laundering through transfers of commercial real estate, such as apartment complexes, including through temporary, “stopgap” measures while such rules are being drafted and finalized.