Provides Assistance to Help Renters Impacted by COVID-19 Stay in Their
Note: This guidance was updated
due to the CARES Act. Please refer to Fannie Mae Multifamily Lender
Letter 20-05 for guidance as of April 6, 2020.
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) 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 our efforts around COVID-19, visit
the Multifamily COVID-19 Response page: https://multifamily.fanniemae.com/multifamily-covid-19.