Multifamily Borrowers and Tenants Get CARES Aid
The U.S. government often says it cares but then it doesn’t act. But the CARES Act, the rescue package that Congress passed in March actually cares!
To address a potential destabilization in the multifamily rental market, the Federal Housing Finance Agency ("FHFA"), through the CARES Act, has created protective orders that will benefit tenants and landlords of multifamily properties with federally backed mortgages. This approach will avoid evictions and foreclosures that would likely happen when state courts reopen.
Included in this legislation is a national 120-day eviction moratorium that went into effect on March 27, 2020.
There is also good news for multifamily property owners who hold federally backed mortgages. They can now apply for loan forbearance if their federally backed loans were in good standing prior to the Covid-19 outbreak.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.