FHFA Announces New Renter Protections

Multifamily property owners whose mortgages are backed by Freddie Mac or Fannie Mae must inform tenants in writing about rent and eviction protections if they enter into a new or modified forbearance agreement, The Federal Housing Finance Agency announced Thursday.

While in forbearance due to economic challenges caused by the coronavirus pandemic, property owners must agree not to evict tenants solely for not paying rent.

“Landlords in forbearance must notify their tenants that they cannot be evicted for nonpayment of rent due to the pandemic,” FHFA Director Mark Calabria said. “If tenants are able to pay their rent, they should continue to do so.” 

Other protections previously announced include:

  • Giving tenants at least a 30-day notice to vacate;
  • Not charging tenants late fees or penalties for nonpayment of rent; and
  • Allowing tenants flexibility to repay back rent over time and not in a lump sum.

See the full announcement here.