The online tools provide resources to help tenants make informed decisions amid coronavirus crisis
The Federal Housing Finance Agency (FHFA) has announced the launch of Fannie Mae’s and Freddie Mac's online multifamily property lookup tools that aim to ease the financial stress of renters due to the COVID-19 pandemic.
According to FHFA, the tools are designed to help renters find out if they are protected from evictions during the coronavirus lockdown. By entering their building address, tenants can look up if the multifamily property they are currently residing in has an enterprise-backed mortgage. The tools then match them with available resources and relevant information.
Under the CARES Act, residents living in a property with a mortgage purchased or securitized by Fannie Mae or Freddie Mac are covered by a temporary eviction moratorium through July 25. Landlords with government-backed mortgages are eligible for forbearance if their tenants cannot pay rent due to loss of income.
“Today's tool protects renters and empowers them to find out if they live in a multifamily property covered by the eviction moratorium," FHFA Director Mark Calabria said. “Landlords with enterprise-backed mortgages cannot evict tenants for failing to pay their rent if they are affected by COVID-19."
Calabria said that renters who can still afford rent payments during the temporary eviction moratorium should pay their rent.
"In times of uncertainty, it is essential to have trusted resources to help inform our decisions, and Fannie Mae is here to help bridge that information gap. Renters and homeowners should not have to navigate a barrage of confusing and sometimes misleading information," said Jeffery Hayward, head of Fannie Mae Multifamily. "Our Renters Resource Finder, part of our ongoing Here to Help education effort, will empower people in apartments to better understand their options."
