Freddie Mac Boosts Multifamily Forbearance Program
Freddie Mac has updated its Multifamily COVID-19 forbearance program to enhance protections for borrowers and renters, as widespread job losses due to the public health emergency threaten many Americans’ ability to pay their bills. The revised rules extend the duration of the program and bar multifamily landlords from evicting renters or charging late fees for nonpayment during the program’s forbearance period.
The move is designed to synchronize the program with the multifamily provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the $2.2 trillion rescue package signed into law last month. Freddie Mac rolled out its COVID-19 forbearance relief program for the multifamily industry on March 24, drawing on its experience offering disaster-relief forbearance in the wake of Hurricane Harvey and the California wildfires.