Landlords must notify tenants about eviction proceedings in multi-family buildings, housing regulator says – By Jacob Passy (Marketwatch) / Aug 9 2020
The Federal Housing Finance Agency is also improving online tools where tenants can see whether they’re eligible for protections
The Federal Housing Finance Agency is putting new rules in place to ensure that renters are aware of their rights during the pandemic.
The regulator is now requiring any multifamily landlord who has entered a forbearance agreement on a loan backed by Fannie Mae FNMA, +0.95% or Freddie Mac FMCC, +0.47% to notify their renters about tenant protections.
While in forbearance, multifamily property owners are not allowed to evict tenants or charge late fees solely for the nonpayment of rent. “Landlords in forbearance must notify their tenants that they cannot be evicted for nonpayment of rent due to the pandemic,” said FHFA director Mark Calabria said in the announcement, while noting that renters who can afford their monthly payments should continue to make them.
In cases where rent isn’t paid, landlords are required by the FHFA to provide renters will flexible options for repayment rather than requiring a lump sum. When landlords do reach the point where they choose to evict a tenant, they must provide at least 30 days’ notice.
Continue to article: https://www.marketwatch.com/story/housing-finance-regulator-to-require-multifamily-landlords-in-forbearance-to-notify-tenants-of-eviction-protections-2020-08-06?mod=home-page
