FHFA Extends Multifamily COVID-19 Forbearance to Owners Offering Tenant Protection

Originally published on June 3, 2021, for the Federal Housing Finance Agency (FHFA).

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:

  • Inform tenants in writing about tenant protections available during the property owner's forbearance and repayment periods; and
  • Agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance.
Read More
Share this post: