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Fact Sheet

Tenant Protections for Enterprise-Backed Rental Properties in Response to COVID-19

FOR IMMEDIATE RELEASE
8/25/2022
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​​​​​​INFORMATION FOR TENANTS IN RENTAL PROPERTIES WITH A FANNIE MAE OR FREDDIE MAC MORTGAGE​

Federal Resou​rces for Tenants During the COVID-19 National Emergency

In response to the COVID-19 pandemic, the federal Emergency Rental Assistance program makes funding available to assist households that are unable to pay rent or utilities. Learn more by visiting the U.S. Department of the Treasury’s Emergency Rental Assistance website.​

ADDITIONAL PROTECTIONS FOR TENANTS IN ENTERPRISE-BACKED MULTIFAMILY PROPERTIES

The Federal Housing Finance Agency (FHFA) has taken actions that provide tenant protections and support multifamily property owners during the COVID-19 national emergency.

While a property is in forbearance, the landlord must suspend all evictions for tenants unable to pay rent. Property owners with Enterprise-backed mortgage loans in a COVID-19 forbearance agreement or repayment schedule are also prohibited from:

  • Charging late fees or penalties for nonpayment of rent during the property owner’s repayment period for the forborne amount of the loan; and
  • Requiring tenants to repay back rents in one lump sum without providing flexibilities.

FHFA also directed the Enterprises to require those multifamily property owners with a new or modified COVID-19 forbearance agreement to inform tenants of their available protections during the forbearance and repayment periods. Property owners are required to provide tenants with written notices within 14 days of the start of the forbearance period, which must include:​

  • A disclosure of property’s forbearance status and dates of forbearance;
  • Information about tenant protections, including suspension of evictions;
  • The dates of tenant protections; and
  • Contact information for the property manager.

To help ensure compliance, property owners must certify to their servicers once the notification is complete. FHFA encourages all rental property owners to consider adopting these tenant protections even when not required by law or as part of an Enterprise forbearance agreement. FHFA will continue to monitor data as well as new and evolving challenges facing tenants, borrowers, and the mortgage market because of the COVID-19 national emergency and will update its policies accordingly.

Any borrower that fails to comply with applicable law may be subject to remedies under the loan documents, which could include moving the loan into a technical default and revocation of the forbearance (if applicable).

​HOW TO FIND OUT IF A MULTIFAMILY PROPERTY HAS AN ENTERPRISE-BACKED LOAN

Tenants may use Fannie Mae’s and Freddie Mac’s multifamily property lookup tools to determine if they live in a multifamily property with a mortgage loan purchased or securitized by that Enterprise.

These lookup tools do not include other federally-backed properties.

Tenants living in multifamily properties with Enterprise-backed mortgages, who need support may contact the appropriate Enterprise:

  • Fannie Mae’s Helpline:
    877-542-9723
  • Freddie Mac’s Helpline:
    800-404-3097

Tenants experiencing financial hardship who are unable to pay rent on time should immediately contact their landlord. While a forbearance agreement is in place, rent payments generally are still due on the usual date for tenants in Enterprise-backed properties.

Tenants living in properties that do not have an Enterprise-funded mortgage can find additional information from the Consumer Financial Protection Bureau.

​​OTHER RESOURCES



Attachments:

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Contacts:

​​Media Inquiries: Adam Russell Adam.Russell@FHFA.gov

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