Fannie Mae Extends Forbearance Programs

To continue to support renters experiencing financial difficulties, Fannie Mae has announced the extension of its multifamily COVID-19 forbearance program. (FM)

The program, which suspends all evictions for renters unable to pay rent, was formerly set to expire on June 30, 2021. This extension will continue the program till September 30th.

This program applies to multifamily units and Fannie Mae-financed multifamily property owners. Thanks to the extension, the borrower is required to provide tenant protections which include:

• Allow the tenant flexibility to repay back rent over time and not in a lump sum

• Not charge the tenant late fees or penalties for non-payment of rent; and

• Give the tenant at least a 30-day notice to vacate.

Michele Evans, Executive Vice President and Head of Multifamily, said in a statement,”By extending the forbearance program for Fannie Mae multifamily borrowers, we are also extending essential protections and flexibilities for renters, which will help keep people in their apartments as the economy continues to improve.”