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What assistance is available for multifamily property owners?

October 16 2020 7:24 pm

The CARES Act provides interest and penalty-free forbearance for owners of multifamily properties with federally backed mortgages (i.e., FHA, USDA, VA, HUD Sec 184, Fannie Mae, or Freddie Mac). The act allows for an initial 30 day forbearance with two 30 day extensions, for a total of 90 days.

Property owners who seek forbearance are prohibited from evicting tenants for non-payment or charging additional fees or penalties during the forbearance period. Owners must also give a 30 day notice before evicting tenants at the end of the moratorium.

Property owners should contact their mortgage servicers for more information.