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FHFA Mandates Eviction Suspension for Renters in Multifamily Properties

NationalMortgageProfessional.com
Mar 23, 2020
Photo credit: Getty Images/Thunderstock

In order to keep renters in multifamily properties in their home and to support multifamily property owners during the Coronavirus pandemic, the Federal Housing Finance Agency (FHFA) is announcing that Fannie Mae and Freddie Mac will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.
 
The eviction suspensions are in place for the entire duration of time that a property owner remains in forbearance. The forbearance is available to all multifamily properties with a GSE-backed performing multifamily mortgage negatively affected by the coronavirus national emergency.
 
“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus. The multifamily forbearance and eviction suspension offered by the Enterprises should bring peace of mind to millions of families during this uncertain and difficult time," said FHFA Director Mark Calabria. “The Enterprises are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need."

 
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