McLEAN, Va. – Freddie Mac has announced a nationwide relief plan for its multifamily borrowers and their tenants.
Under the program, landlords whose properties are financed with a Freddie Mac Multifamily fully performing loan can defer their loan payments for 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval.
In turn, Freddie Mac is requiring landlords not to evict any tenant based solely on nonpayment of rent during the forbearance period.
Freddie Mac anticipates the program will provide relief for up to 4.2 million U.S. renters across more than 27,000 properties.
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Source: Freddie Mac