The Federal Housing Finance Agency has announced that Freddie Mac and Fannie Mae will extend multifamily forbearance for COVID-19. Qualifying multifamily property owners will be eligible for forbearance through June 30, 2021. The program was scheduled to expire on May 31, 2021.

The extended forbearance policy will include the same tenant protections as required previously: Multifamily owners must inform tenants in writing about tenant protections available during the property owner’s forbearance and repayment period, and they must agree not to evict tenants due to nonpayment of rent while the property is in forbearance. In addition, once the forbearance period expires, multifamily owners must give tenants at least a 30-day notice to vacate; cannot charge late fees or penalties for nonpayment of rent; and must allow flexibility in the repayment of back rent, which will not necessarily be in a lump sum.

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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 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.

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