COVID-19 Updates With Harry Heist
May 6th
10:00 am - 11:15 am
In late March, Congress passed and President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security Act, or "CARES Act,” to provide relief for individuals and businesses that have been negatively impacted by the COVID-19 pandemic. Several provisions of the CARES Act (Phase III) are likely to have the biggest impact on the multifamily housing industry.
This bill echoes the announcement made by the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac earlier last week. It allows 90 days of forbearance for multifamily borrowers of federally backed loans who experience coronavirus-related financial hardship. Owners who benefit from the program may not evict or charge late fees to tenants during the 90 days. Owners whose mortgages are insured by HUD may not evict tenants or charge late fees for 120 days from the start of the relief program.*
*The eviction moratorium applies to all rental housing providers whose properties are insured, guaranteed, supplemented, protected, or assisted in any way by HUD, the Federal Housing Administration, Fannie Mae, or Freddie Mac, or participate in the Section 8 Housing Choice Voucher Program.
