The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners as needed, subject to the continued tenant protections FHFA has imposed during the pandemic.

This is the fourth extension of the programs, which were set to expire Sept. 30. On Oct. 1, FHFA will allow the Enterprises to continue offering COVID-19 forbearance to qualified multifamily owners, unless otherwise instructed by FHFA.

“Given the uncertain nature of this pandemic, FHFA is taking further action to protect renters, property owners, and the mortgage market,” said Acting Director Sandra L. Thompson.

Property owners with Enterprise-backed multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to the COVID-19 emergency. Property owners who enter into a new or modified forbearance agreement must:

• Inform tenants in writing about tenant protections available during the property owner’s forbearance and repayment periods; and
• Agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance.

Additional tenant protections apply during the repayment periods. These protections include:

• Giving tenants at least a 30-day notice to vacate;
• Not charging tenants late fees or penalties for nonpayment of rent; and
• Allowing tenant flexibility in the repayment of back-rent over time, and not necessarily in a lump sum.

FHFA may extend or sunset its policies based on updated data and the impacts of COVID-19. Home owners and renters can visit consumerfinance.gov/housing for up-to-date information on their relief options, protections, and key deadlines.

Credits: https://nahbnow.com/2021/09/fhfa-extends-covid-19-multifamily-forbearance-indefinitely/

In a press release, HUD and FHFA said the MOU is an important mechanism that strengthens their ability to enforce fair housing and fair lending requirements “by promoting information sharing, coordination on investigations, compliance reviews, and the ongoing monitoring of the Enterprises” (Fannie Mae and Freddie Mac).

HUD and FHFA added that they anticipate the MOU “will lead to stronger oversight that will help advance vigorous fair housing enforcement that can begin to redress our nation’s history of discriminatory housing practices.”

View the MOU between HUD and FHFA regarding fair housing and fair lending coordination.

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to FHFA by the end of 2021.

The Enterprises will update these plans annually and they will identify and address barriers to sustainable housing opportunities, including the Enterprises’ goals and action plans to advance equity in housing finance for the next three years.

FHFA also will require the Enterprises to submit annual progress reports on the actions undertaken during the prior year to implement their plans.

Under the recently signed Memorandum of Understanding between FHFA and HUD regarding fair housing and fair lending coordination, HUD provided insight and expertise to FHFA regarding this equitable housing finance initiative.

FHFA is issuing a Request for Input ​that seeks public comment until Oct. 25, to aid the Enterprises in preparing their first plans and to aid FHFA in overseeing the plans.

FHFA will also host a public listening session​ on Sept. 28 to allow for additional public input.