Fannie Mae wants to help ensure families who are renting in multifamily properties are able to remain in their apartments during these unprecedented times. In coordination with the Federal Housing Finance Agency (FHFA), Fannie Mae 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 due to 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 (DUS) program. We want multifamily property owners and renters to know that we are here to help.”
Fannie Mae’s Disaster Response Network (DRN), a free resource provided through Money Management International (MMI) is available for property residents living in apartments financed by a Fannie Mae DUS lender, if they need assistance during this time. The DRN offers support from HUD-approved housing counselors*, such as a personalized recovery assessment and action plan, financial coaching and budgeting, and ongoing check-ins to place them on a path to recovery. Residents can check with their property manager or building owner for more information.
For updated information on Fannie Mae’s efforts around COVID-19, visit their Multifamily COVID-19 Response page.