Fannie Mae, Freddie Mac Extend Multifamily Forbearance Through March 31
Fannie Mae and Freddie Mac are extending COVID-19 forbearance for qualifying multifamily property owners through the first quarter of 2021, announced the Federal Housing Finance Agency. The government-sponsored enterprises’ (GSEs’) programs, which require landlords to suspend all evictions for renters unable to pay rent during the forbearance period, were set to expire Dec. 31.
The extension provides additional time for multifamily owners experiencing continued hardship as a result of the COVID-19 pandemic to request a new or modified forbearance agreement…Multifamily borrowers who enter into new or modified agreements must notify their renters in writing of all protections during forbearance and repayment periods, including:
- Agreeing not to evict renters for nonpayment of rent while the property is in forbearance;
- Allowing flexibility for renters to repay back rent over time and not necessarily in a lump sum;
- Not charging renter late fees or penalties for nonpayment of rent; and
- Giving renters at least a 30-day notice to vacate….Read more.