The Federal Housing Finance Agency announced Thursday that it will grant more time in forbearance to qualifying multifamily property owners. The program was set to expire at the end of the month but has now been extended until June 30.
Property owners with Fannie Mae and Freddie Mac–backed multifamily mortgages can enter new or modified forbearance if they are experiencing financial hardship due to the COVID-19 pandemic. “COVID-19 continues to financially impact Americans across the country, thereby hindering many tenants’ ability to pay their rent,” says FHFA Director Mark Calabria. “To help tenants in financial distress and property owners, FHFA is extending the multifamily COVID-19 forbearance and tenant protections.”
Property owners who take part in the relief program are required to inform tenants in writing about tenant protections available during their forbearance as well as during the repayment period. They also must agree not to evict tenants for not paying rent while the property is in forbearance.
Fannie Mae and Freddie Mac outline tenant protections to their multifamily properties on a lookup tool at their websites. The property lookup tools are to make it easier for tenants to find out if their multifamily property has a Fannie or Freddie-backed mortgage. The lookup tools can be accessed at Fannie Mae’s website and Freddie Mac’s website.
The Consumer Financial Protection Bureau also has a website devoted to helping homeowners and renters find aid during the pandemic.
Source: “FHFA Extends Mortgage Forbearance for Multifamily Owners“