GSEs Extend Forbearance Agreements for Multifamily Property Owners

The Federal Housing Finance Agency today announced that Fannie Mae and Freddie Mac will extend forbearance agreements for multifamily property owners with enterprise-backed mortgages for up to three months, for a total forbearance of up to six months. While properties are in forbearance, landlords must suspend all evictions for tenants unable to pay rent.

At the conclusion of the extended forbearance period, borrowers may qualify for up to 24 months to repay the missed payments. During the repayment period, borrowers are also required to provide tenants with at least a 30-day notice to vacate, not charge late fees or penalties for nonpayment of rent and allow the tenant flexibility to repay back rent over time and not in a lump sum.