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COVID-19: Federal Updates
Rent Cancellations? Congress needs to pass rental assistance!
When rents aren't paid, there is a cascade of effects across the country: unpaid mortgages, unpaid utility bills, lower property taxes. Tell Congress to pass rental assistance!
For more information, click here
When rents aren't paid, there is a cascade of effects across the country: unpaid mortgages, unpaid utility bills, lower property taxes. Tell Congress to pass rental assistance!
For more information, click here
Fannie, Freddie suspend evictions in apartment buildings if the owner seeks mortgage forbearance
By Katy O'Donnell03/23/2020 01:41 PM EDT
Fanny Mae and Freddie Mac will offer multifamily property owners mortgage forbearance on the condition that they suspend all evictions for tenants struggling to pay rent because of the economic fallout from the coronavirus, the Federal Housing Finance Agency announced today.“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus. The multifamily forbearance and eviction suspension offered by the enterprises should bring peace of mind to millions of families during this uncertain and difficult time,” FHFA Director Mark Calabria said in an emailed statement.“The enterprises are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need,” Calabria added.It’s the latest step FHFA has taken to try to smooth over housing market turbulence in the crisis.To boost liquidity in the secondary mortgage market, the agency earlier today authorized Fannie and Freddie to do additional “dollar roll” transactions, akin to reverse purchase agreements that give investors in mortgage-backed securities short-term financing on their positions.The agency also directed Fannie and Freddie to use appraisal alternatives and gave the companies more leeway to satisfy employment verification requirements through May 17th. And it announced last week that it would suspend foreclosures and evictions on properties backed by Fannie and Freddie for at least 60 days and offer forbearance for borrowers struggling from the economic fallout of the pandemic.
By Katy O'Donnell03/23/2020 01:41 PM EDT
Fanny Mae and Freddie Mac will offer multifamily property owners mortgage forbearance on the condition that they suspend all evictions for tenants struggling to pay rent because of the economic fallout from the coronavirus, the Federal Housing Finance Agency announced today.“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus. The multifamily forbearance and eviction suspension offered by the enterprises should bring peace of mind to millions of families during this uncertain and difficult time,” FHFA Director Mark Calabria said in an emailed statement.“The enterprises are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need,” Calabria added.It’s the latest step FHFA has taken to try to smooth over housing market turbulence in the crisis.To boost liquidity in the secondary mortgage market, the agency earlier today authorized Fannie and Freddie to do additional “dollar roll” transactions, akin to reverse purchase agreements that give investors in mortgage-backed securities short-term financing on their positions.The agency also directed Fannie and Freddie to use appraisal alternatives and gave the companies more leeway to satisfy employment verification requirements through May 17th. And it announced last week that it would suspend foreclosures and evictions on properties backed by Fannie and Freddie for at least 60 days and offer forbearance for borrowers struggling from the economic fallout of the pandemic.
Ask Congress to Help Renters & Property Owners with Rental Assistance!
Yesterday, Representative Alexandria Ocasio-Cortez (D-NY) called for a national rent strike: "We need to make sure that rent cancelation [sic] happens on the state and national level."
With millions of Americans unemployed, May will be a crucial month for our industry as many residents are unable to pay their full rent. Supporting rent strikes or rent cancellations is just going to lead to more unemployment as rental owners and operators suffer. This is NOT what we need!
Rent cancellations? Congress needs to pass rental assistance! Congress needs to:
There are tens of thousands of rental housing owners, operators and property management firms. NAA is undertaking this effort as part of a broad coalition of rental housing providers representing the entire industry. If all of us make our voices heard, we can secure the relief that is desperately needed.
For more information, visit naahq.org/phase4.
Yesterday, Representative Alexandria Ocasio-Cortez (D-NY) called for a national rent strike: "We need to make sure that rent cancelation [sic] happens on the state and national level."
With millions of Americans unemployed, May will be a crucial month for our industry as many residents are unable to pay their full rent. Supporting rent strikes or rent cancellations is just going to lead to more unemployment as rental owners and operators suffer. This is NOT what we need!
Rent cancellations? Congress needs to pass rental assistance! Congress needs to:
- Create an emergency rental assistance program for those who are impacted by the COVID-19 crisis and struggle to cover housing expenses.
- Better tailor the CARES Act eviction moratorium provision and safeguard owners’ ability to effectively manage their communities.
- Expand the Small Business Administration’s Paycheck Protection Program to include all multifamily businesses.
- Allow more housing providers access to mortgage forbearance and ensure fairness and flexibility in its terms.
- Provide financial assistance for property-level financial obligations such as property taxes or insurance payments and extend credit to multifamily mortgage services.
There are tens of thousands of rental housing owners, operators and property management firms. NAA is undertaking this effort as part of a broad coalition of rental housing providers representing the entire industry. If all of us make our voices heard, we can secure the relief that is desperately needed.
For more information, visit naahq.org/phase4.
IRS Grants Tax Payment Relief
Issue: In response to the COVID-19 crisis, the IRS and Treasury Department are providing special payment relief. Specifically, federal tax payments (including estimated 2020 tax year payments) that are due April 15, 2020, are now deferred without interest or penalty until July 15, 2020 (with certain limitations).
Caution: Note that the original filing deadline for any tax returns that are due April 15, 2020, continues to be April 15, 2020 (unless a six-month extension to file is submitted to the IRS).
Key Points (according to IRS correspondence):
Issue: In response to the COVID-19 crisis, the IRS and Treasury Department are providing special payment relief. Specifically, federal tax payments (including estimated 2020 tax year payments) that are due April 15, 2020, are now deferred without interest or penalty until July 15, 2020 (with certain limitations).
Caution: Note that the original filing deadline for any tax returns that are due April 15, 2020, continues to be April 15, 2020 (unless a six-month extension to file is submitted to the IRS).
Key Points (according to IRS correspondence):
- For taxpayers expecting a refund, the IRS recommends filing as soon as possible.
- Individuals: Income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of 2019 tax due.
- C Corporations: Income tax payment deadlines are automatically extended to July 15, 2020 (of up to $10M of 2019 taxes).
- This relief provided by the IRS only applies to federal income tax. It does not include state tax payments.
RESOURCES
National Apartment Association/National Multifamily Housing Council - this is a summary focused on the sections of COVID-19 stimulus that would help residents and the property owners/managers.
Center for Disease Control https://www.cdc.gov/coronavirus/
National Apartment Association https://www.naahq.org/news-publications/guidance-dealing-coronavirus
National Apartment Association Micro-webinar Series as part of COVID-19 resources. These brief 10-minuet micro-webinars will examine and provide guidance on pressing issues affecting the rental housing industry in light of COVID-19.
National Multifamily Housing Council COVID-19 Preparedness for Apartment Firms
NAA Statement on COVID-19 and Rent
National Apartment Association https://www.naahq.org/news-publications/guidance-dealing-coronavirus
National Apartment Association Micro-webinar Series as part of COVID-19 resources. These brief 10-minuet micro-webinars will examine and provide guidance on pressing issues affecting the rental housing industry in light of COVID-19.
National Multifamily Housing Council COVID-19 Preparedness for Apartment Firms
NAA Statement on COVID-19 and Rent
Attachments:
Business Loan Program Temporary Changes; Paycheck Protection Program
CARES Section by Section Final
Coronavirus Supplemental Appropriations Summary Final
NMHC/NAA COVID 19 Relief 3.13.20
NAA Resources and Updates
Coronavirus Worker'comp Update
Coronavirus Unemployment Update
Business Loan Program Temporary Changes; Paycheck Protection Program
CARES Section by Section Final
Coronavirus Supplemental Appropriations Summary Final
NMHC/NAA COVID 19 Relief 3.13.20
NAA Resources and Updates
Coronavirus Worker'comp Update
Coronavirus Unemployment Update
American Red Cross
COVID-19 Checklist
Your Red Cross must be prepared to adapt to the challenges posed by the coronavirus outbreak to support people across the U.S. who count on us in their darkest hours – whether a local home fire, 14 tornadoes touching down in Tennessee, or the need for emergency blood. Your Red Cross will continue to be there, keeping the safety of our staff, volunteers and clients first and foremost.
Disasters are not going to stop, even in coronavirus areas
(Did you know there have been at least 10 disasters at $1 Billion or more every year for the past 5 consecutive years?!)
COVID-19 Checklist
Your Red Cross must be prepared to adapt to the challenges posed by the coronavirus outbreak to support people across the U.S. who count on us in their darkest hours – whether a local home fire, 14 tornadoes touching down in Tennessee, or the need for emergency blood. Your Red Cross will continue to be there, keeping the safety of our staff, volunteers and clients first and foremost.
Disasters are not going to stop, even in coronavirus areas
(Did you know there have been at least 10 disasters at $1 Billion or more every year for the past 5 consecutive years?!)
- Your Red Cross is ensuring we are able to continue supplying critical relief services
- We are equipping our volunteers so that they can keep themselves safe while ensuring the safety of our clients
- In larger shelters, we are prepared for isolation areas
- Every precaution we take is aligned with and calibrated to the local public health agency
- We are investing in technology and training for counseling and other relief services that can be delivered in a virtual environment
- 90% of our staff are volunteers; however, many are in the vulnerable population for the coronavirus. We will invest in sending paid staff to disasters and in recruiting & training more volunteers
- Your Red Cross is collaborating with the FDA, CDC and American Association of Blood Banks (AABB) to ensure the safety and availability of the U.S. blood supply
- At every blood drive and donation center, Red Cross employees follow specific safety protocols, including wearing gloves, routinely wiping down donor-touched areas, and using sterile collection sets for every donation
- Trained staff will be wearing a facemask and gloves to take the temperature of donors before they enter the blood drive
- We are adding more staff and other resources to recruit blood drive sponsors and collect vital blood products
- Give blood! We are urging healthy, eligible individuals to schedule a blood or platelet donation appointment as soon as possible to help ensure a sufficient blood supply and avoid a shortage. Schedule your appointment at www.RedCrossBlood.org
- Help financially – Our investment in technology, training and necessary resources to keep our volunteers, staff and clients safe from the coronavirus is increasing our costs. Please consider giving through www.RedCross.org/donate or by mailing your gift to: American Red Cross, 995 E. Broad St., Columbus, OH 45205
- Share this information with others and remember to wash your hands thoroughly and frequently.
