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Fannie Mae, Freddie Mac Extend COVID-19 Multifamily Protections

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will extend protections indefinitely for multifamily owners and renters experiencing financial difficulties due to the COVID-19 pandemic. The government sponsored enterprises (GSE) will continue to offer the COVID-19 forbearance programs to qualified borrowers. This is the fourth extension of the forbearance programs, which had previously been set to terminate on Sept. 30. Multifamily owners with mortgages backed by Fannie Mae or Freddie Mac can enter a new or modified forbearance agreement if they have experienced a pandemic-related hardship. With a forbearance plan, owners must agree not to evict residents solely for the nonpayment of rent. Owners must also inform residents in writing about tenant protections during the forbearance or repayment periods. These include providing residents with at least 30-day notice to vacate, allowing flexibility to repay back rent over time and not necessarily in a lump sum, and not charging late fees or penalties for nonpayment of rent…. Read more.