New Tools Helps Renter & Housing Providers Determine CARES Act Protections Apply to Their Properties

AOBA in the Headlines , COVID-19 ,

On May 4, The Federal Housing Finance Agency released an online tool to help renters and property managers determine if they are subject to and protected by the federal CAREs Act eviction moratorium. The new property search tool allows users to find out if the multifamily property where they work or reside has a Fannie Mae or Freddie Mac backed mortgage. Under the CARES Act, renters living in a property with a Fannie or Freddie-backed mortgage are covered by a temporary eviction moratorium. Landlords with backed mortgages can also seek forbearance if their tenants cannot pay rent due to COVID-19-related loss of income.

See Fannie Mae's Multifamily Loan Lookup Tool here.

See Freddie Mac's Multifamily Loan Lookup Tool here​.

Additionally, as Maryland begins talks about reopening the Courts, Chief Judge John Morrissey of the District Court of Maryland, reminds housing providers in Maryland to review the eviction moratorium under the CARES Act. Members are encouraged to confirm whether their property has a federally backed mortgage loan as the fact will become an issue when the Courts open and the Governor’s Executive Order on an eviction moratorium is lifted.  If you have a federally backed government mortgage loan, you are unable to file a notice to vacate until July 25, 2020 regardless of whether you are taking a mortgage forbearance. Once the Moratorium Period has ended, the CARES Act provides that the landlord must give the tenant 30 days to vacate the rented premises and cannot require the tenant to vacate at an earlier time.  This eviction moratorium applies regardless of whether you take a forbearance on a federally backed mortgage loan.

AOBA members unsure about the nature of their mortgage type should check their property using the FHFA  search tool. Members can also direct concerned residents to the tool to verify the protections afforded them by the Federal government.

**The CARES Act defines “Federally backed mortgage loans” as loans secured by any lien on residential properties designed principally for the occupancy of from one to four families and that are “made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by any officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by [HUD] or a housing or related program administered by any other such officer or agency, or is purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.”