Coronavirus relief bill details to help you understand your options
Coronavirus relief bill was signed by President Trump late Friday. The Coronavirus relief bill includes one-time payment to individuals, strengthened unemployment insurance, additional health-care funding and loans and grants to businesses to deter layoffs. NAR (National Association of Realtors), has just compiled a comprehensive guide to all benefits for REALTORS® and their customers found in this legislation, which I have outlined below.
- Mortgage Forbearance – Borrowers of government-backed mortgages ((Fannie Mae, Freddie Mac, HUD, VA and USDA) can request up to 360-day payment forbearance without proof of hardship. No additional fees, interest, or penalties can be assessed for the forbearance. Except for abandoned or vacant property, there may be no foreclosure actions for 60 days from 3/18/2020.
- Owners of multifamily properties who were current on their mortgage payments as of February 1, 2020, and have federally insured, assisted, or supplemented loan (Fannie Mae, Freddie Mac, FHA or any loans backed or assisted by any branch of the federal government, including LIHTC) may request forbearance for 30 days due to financial hardship, with extensions of up to a total of 90 days. Borrowers receiving the forbearance may not evict or charge late fees to tenants for the duration of the forbearance period.
- Moratorium on eviction filings, or fees or penalties for tenants for nonpayment of rent for 120 days on properties insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, covered by the Violence Against Women Act of 1994.
- $1.25b for Section 8 voucher rental assistance for seniors, the disabled, and low-income working families, who will experience loss of income from the coronavirus.
- $5b for CDBG to help communities and states address COVID-19.
- $1 billion for project-based rental assistance to make up for reduced tenant payments as a result of coronavirus.
- $50m for Section 202 Housing for the Elderly to maintain housing stability and services for low-income seniors.
- $15 million for Section 811 Housing for Persons with Disabilities to make up for reduced tenant payments as a result of coronavirus.
I just wanted to share this Coronavirus relief bill because of these unprecedented times. Please share with everyone or anyone you would like.
Be safe and take care of yourself and your family!