Federal Housing Finance Agency Extends Forbearance to Multifamily Property Owners Through June

The Federal Housing Finance Agency (FHFA) has announced that multifamily property owners who are continuing to struggle to make their mortgage payments due to the coronavirus pandemic have a reprieve through the end of June for mortgages backed by Fannie Mae and Freddie Mac. The forbearance options for multifamily mortgages backed by the GSEs were set to expire March 31, 2021, but FHFA has extended that till June 30, 2021 (provided landlords are also extending benefits to their renters). The FHFA’s multifamily extension now aligns its expiration with its single-family housing forbearance request date also set to end June 30, 2021. In remarks prepared for this announcement FHFA Director Mark Calabria said, “COVID-19 continues to financially impact Americans across the country, thereby hindering many tenants’ ability to pay their rent. To help tenants in financial distress and property owners, FHFA is extending the multifamily COVID-19 forbearance and tenant protections through the end of June 2021.”