Landlords looking to evict tenants who are behind on their rent will need to give them a month to move out if their property is backed by Freddie Mac or Fannie Mae mortgages, according to new rules implemented by the Federal Housing Finance Agency (FHFA) on July 28.
The breakdown:
– The Centers for Disease Control and Prevention (CDC) eviction moratorium expires on July 31, 2021.
– The FHFA’s 30-day requirement applies to all Fannie and Freddie multifamily properties, regardless of whether the loan is in forbearance.
– Tenants can learn more about Emergency Rental Assistance programs by visiting the Consumer Financial Protection Bureau’s online Rental Assistance Finder.
What this means:
With the CDC’s ban on evictions nearing its end, the writing has been on the wall that an uptick in evictions is likely to occur with roughly 1.2 million households indicating that they are at risk in the U.S. Census Bureau’s Household Pulse Survey.
The latest announcement from the FHFA follows suit with other federal initiatives focused on protecting tenants, including the recent moratorium extension and the Cares Act safeguards for tenants living in multifamily properties in forbearance.
“Many families across the country, particularly renters, are still struggling financially due to the COVID-19 pandemic. It is important to clearly communicate available protections to both landlords and tenants,” said Acting Director Sandra L. Thompson. “FHFA wants to ensure tenants in enterprise-backed multifamily properties know their right to receive at least 30-days of notice before they are required to vacate their rental unit.”
Jordan Grice is RISMedia’s associate online editor. Email him your real estate news ideas to jgrice@rismedia.com.
Interesting, not sure they have the legal authority to require that. They are not an owner of the property, and only have a “secured interest” in the property. In addition, most states (like ours) landlord-tenant laws now have longer than a 30-day notice.
Is this for multi family only?
not for single family homes?
So this would not apply to a landlord whose property is paid for. Correct?
when will the government just start paying 100 percent rent for these people, landlords can not continue to foot the bill, pay all the taxes, pay thier electricity, fix what they break, clean up their messes and then be out income because they want new tvs, new cars, new sneakers, unlimited pot to smoke and on and on. Rent prices have to go up to cover the cost. Wake up America. Their are thousands of jobs but as my tenant tells me the government said I don’t have to pay and if I do work that is MY MONEY..Look I am more liberal than 80 percent but enough is enough. And on that note also why are we still protecting those that refuse to get vaccinated? 60 percent of my tenants are unvaccinated yet they go out with out mask everyday. enough is enough