FHA & FHFA Announce Single-Family Moratoria Extension
The Federal Housing Administration (FHA) and Federal Housing Finance Agency (FHFA) have extended their single-family only eviction moratoria until at least December 31, 2020. These protections apply to foreclosures and evictions in single-family homes with federally-backed mortgages through these agencies. FHA’s announcement continues to bar evictions of persons from FHA-insured single-family properties except for eviction actions against occupants of legally vacant or abandoned properties. FHFA’s eviction moratorium applies to properties that have been acquired by the Enterprises (Fannie Mae and Freddie Mac) through foreclosure or deed-in-lieu of foreclosure transactions.
The announcement marks the third extension since the moratoria were put into place at the onset of the COVID-19 pandemic in March. The moratoria were previously set to expire on August 31. While the FHA, U.S. Department of Housing and Urban Development (HUD) and FHFA encourage property owners to seek mortgage forbearance if needed, NAA understand this is an option of last resort for the industry and continue to work with the agencies as well as Congress and the White House on sustainable solutions. Emergency rental assistance, not extensions of eviction moratoria, keeps renters stably housed and ensures the viability of the rental housing industry.
Separate from these announcements, remember renter protections for multifamily properties in forbearance remain effective per FHA and FHFA guidelines. According to FHA, borrowers in forbearance must inform all residents of the prohibition against eviction solely for non-payment of rent, during the forbearance period. For borrowers who extend forbearance agreements, modify repayment schedules, or enter into a new forbearance agreement, renter protections extend to the repayment period per FHFA. For more information or questions, contact Nicole Upano, NAA’s Director of Public Policy.