FHFA Extends COVID-19 Forbearance for Multifamily
FHFA Extends COVID-19 Forbearance for Multifamily
The Federal Housing Finance Agency announced that mortgage financing giants Fannie Mae and Freddie Mac will continue to offer forbearance indefinitely to qualifying multifamily property owners as part of their ongoing COVID-19 protection.
This marks the fourth extension the FHFA has made to the programs. The latest were set to expire Sept. 30.
“Given the uncertain nature of this pandemic, the FHFA is taking further action to protect renters, property owners, and the mortgage market,” says Sandra L. Thompson, acting director of the FHFA.
Property owners with Fannie Mae– or Freddie Mac–backed multifamily mortgages can enter a new or modified forbearance if they experience a financial hardship due to the pandemic’s impact on their business operations. Property owners must inform tenants in writing about tenant protections available during the forbearance and repayment periods. They also must agree not to evict tenants for nonpayment of rent while the property is in forbearance.
Additional tenant protections are in place when the repayment period starts.
For more information, visit consumerfinance.gov/housing on relief options.
Source:
©National Association of REALTORS®
Reprinted with permission
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