FHFA Says Landlords Must Give Tenants 30 Days Notice Before Eviction
The requirement applies to all agency-backed multifamily properties, regardless of whether the loan is in forbearance.
The Federal Housing Finance Agency has announced that residents of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac must be given 30 days’ notice to vacate before being evicted for not paying rent. The FHFA says this requirement applies to all agency-backed multifamily properties, regardless of whether the loan is in forbearance.
On July 31, the Centers for Disease Control and Prevention’s eviction moratorium expires, assuming the Biden Administration doesn’t secure an extension from Congress.
For Fannie Mae and Freddie Mac-backed properties that sought forbearance during the pandemic, the FHFA has set an eviction moratorium until September.
“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 in a prepared statement. “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.”
FHFA said emergency rental assistance funds made available by federal legislation are available to tenants who are behind on rent or continuing to experience hardship due to the pandemic.
Throughout the pandemic, FHFA has been taking steps to protect tenants. For example, in June, the FHFA extended the eviction moratorium until September. The moratorium had previously been set to expire at the end of June.
“While COVID-19 cases are declining and many homeowners continue to emerge from forbearance, many renters, who are unable to benefit from rising home prices, have not financially recovered from the pandemic,” Director Mark Calabria said in prepared remarks at the time.
In March, it announced Freddie Mac and Fannie Mae would extend multifamily forbearance for COVID-19 through June 30, 2021 with certain tenant protections as part of the agreement.