Fannie Mae has extended its multifamily COVID-19 forbearance program through March 31, 2021, three months past its original sunset date of December 31, 2020.

To qualify forbearance coverage, multifamily owners must agree to suspend all evictions for renters unable to make rent payments during the forbearance period, according to an announcement from Fannie Mae.

"Fannie Mae is proud to extend forbearance options to protect multifamily tenants and assist property owners financially impacted by COVID-19," Michele Evans, EVP and head of multifamily, said in a statement. "The forbearance extension will continue to safeguard renters by suspending all evictions for nonpayment of rent and allow for flexible repayments, which will help keep people in their apartments."

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.