The Federal Housing Finance Agency is offering help due to the ongoing COVID-19 pandemic.
On Monday the FHFA stated that Boston real estate landlords who’re currently behind in their mortgage payments will be able to request an extension of their payment suspension for an extra three months.
The new FHFA rules only apply to properties with loans backed by government-backed enterprises Fannie Mae and Freddie Mac.
The additional protections offered to landlords means that apartment renters in those properties will also be protected from eviction for as long as the period lasts, Forbes reported. The rules say that landlords must be flexible with renters who’ve missed payments due to the COVID-19, and cannot charge late payment fees.
The Aspen Institute recently estimated that 19 to 23 million American renters are facing the risk of eviction by the end of September. That estimate reflects the expiration of government stimulus packages and benefits, and the ongoing high unemployment in the U.S. that’s resulted from the COVID-19 lockdown.