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Washington, D.C. —
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and
Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to
qualifying multifamily property owners through September 30, 2021, subject to
the continued tenant protections FHFA has imposed during the pandemic. This is
the third extension of the programs, which were set to expire June 30, 2021.
“While COVID-19 cases are
declining and many homeowners continue to emerge from forbearance, many renters,
who are unable benefit from rising home prices, have not financially recovered
from the pandemic. To help those families still struggling to pay their rent
and to help multifamily property owners maintain their properties, FHFA is
extending the multifamily COVID-19 forbearance and tenant protections through
the end of September 2021,” said Director Mark Calabria.
Property owners with
Enterprise-backed multifamily mortgages can enter a new or, if qualified,
modified forbearance if they experience a financial hardship due to the
COVID-19 emergency. Property owners who enter into a new or modified
forbearance agreement must:
protections apply during the repayment periods. These protections include:
tenants at least a 30-day notice to vacate;
charging tenants late fees or penalties for nonpayment of rent; and
tenant flexibility in the repayment of back-rent over time, and not
necessarily in a lump sum.
In addition to requiring
written tenant notification, the Enterprises have posted the tenant protections
to their respective online multifamily property lookup tool websites. The
property lookup tools make it easier for tenants to find out if the multifamily
property in which they reside has an Enterprise-backed mortgage.
These actions are just
the latest steps FHFA has taken to benefit renters, property owners and the
mortgage market during the pandemic. FHFA will continue to monitor the data and
the coronavirus' impact on tenants, borrowers, and the mortgage market and
update policies as needed. FHFA may extend or sunset its policies based on
updated data and health risks. Homeowners and renters can visit consumerfinance.gov/housing for
up-to-date information on their relief options, protections, and key deadlines.
Media: Raffi Williams
Raffi.Williams@FHFA.gov / Adam Russell Adam.Russell@FHFA.gov
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