In a press release issued March 24, Fannie Mae, in coordination with the Federal Housing Finance Agency, is allowing lenders to grant forbearance to borrowers in properties financed by Fannie Mae for up to three months if the borrower is experiencing hardship due to the impact of the COVID-19 national emergency. As part of the forbearance plan, borrowers must agree to suspend evictions of tenants who are facing financial hardship resulting from the current crisis. Fannie Mae anticipates that this will provide relief to renters across more than 27,000 properties.
“We are looking to provide relief to millions of families and communities who are affected by the devastating impact of COVID-19,” said Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae. “We are well-positioned to react quickly in this situation thanks to the strength of our delegated model, the Delegated Underwriting and Servicing program. We want multifamily property owners and renters to know that we are here to help.”