The Federal Housing Finance Agency (FHFA) extended forbearance options for multifamily properties through Sept. 30, 2021, subject to continued tenant protections FHFA imposed during the pandemic.
The takeaway:
Landlords must continue informing tenants in writing about the available protections and are unable to evict tenants based solely on nonpayment of rent. Additionally, landlords must provide tenants with at least 30-day’s notice to vacate, cannot charge them late fees or penalties for nonpayment, and must be flexible in the repayment of back-rent over time rather than requiring a lump-sum payment.
What it means:
“While COVID-19 cases are declining and many homeowners continue to emerge from forbearance, many renters, who are unable benefit from rising home prices, have not financially recovered from the pandemic. To help those families still struggling to pay their rent and to help multifamily property owners maintain their properties, FHFA is extending the multifamily COVID-19 forbearance and tenant protections through the end of September 2021.” — FHFA Director Mark Calabria
