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Fannie Mae announced that its multifamily COVID-19 forbearance program has been extended indefinitely to support multifamily property owners and renters experiencing financial difficulties due to COVID-19. The extension requires landlords to suspend all evictions for renters unable to pay rent during the forbearance period, formerly set to expire September 30, 2021.
As financial and economic uncertainties around COVID-19 persist, Fannie Mae is committed to providing continued forbearance options for Fannie Mae multifamily borrowers," said Michele Evans, executive vice president and head of multifamily. "This will allow for the continuation of essential tenant protections to help keep renters in their apartments as the recovery process continues."
Property owners are also responsible for informing tenants in writing about protections available to them, such as allowing the tenant flexibility to repay back rent over time and not in a lump sum; not charging the tenant late fees or penalties for non-payment of rent; and giving the tenant at least a 30-day notice to vacate.