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FHFA Now Requires Multifamily Owners with Mortgage Forbearance To Notify Tenants

  • August 11th 2020

by Nena Perry-Brown

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While the Federal Housing Finance Agency (FHFA) has been offering multifamily property owners with federally-backed mortgages conditional forbearance since March, now the provision includes more accountability.

FHFA announced last week that owners of multifamily buildings who take advantage of forbearance must notify their tenants, in writing, of the forbearance and of the tenant protections extended as a result of that forbearance. The federal mortgage forbearance requires an eviction moratorium (for rent nonpayment), as well as waived late fees and acceptance of repayment over time.

The multifamily forbearance-for-eviction moratorium covers up to one in four rental units nationwide; lookup tools to determine whether your rental unit is covered by a federally-backed mortgage are available here.

Thumbnail image by Ted Eytan.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/fhfa-now-requires-multifamily-owners-with-mortgage-forbearance-notify-tenan/17176.

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