As the COVID-19 virus spreads across the country, NMHC stands ready to support the apartment industry and its residents. With an economic threat looming, Congress and the Administration have made efforts to provide support to both individuals and industries suffering financial hardships. As lawmakers evaluate more relief options, NMHC will continue to share industry research and policy guidance.
The CARES Act was signed into law on March 27 and includes important provisions intended to stave off total economic collapse in the wake of the coronavirus crisis. This legislation has provisions that will be helpful to the industry and its residents, and others that will create substantial challenges for the industry.
The Federal Housing Finance Agency (FHFA) announced on March 23 a decision today to offer mortgage forbearance to multifamily housing property owners who suspend evictions for those who have been financially impacted by this public health emergency. This decision applies to all Enterprise-backed mortgages.
The Federal Reserve announced on March 23 that it would not put a cap on its purchases of Treasury and mortgage securities. In addition, it will begin purchasing commercia mortgage-backed securities (CMBS) issued by the GSEs to keep the flow of capital to apartment buildings open.
Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) announced important updated advisory guidance on March 28 that many jurisdictions are relying on to decide who is considered essential personnel and able to travel and work during the COVID-19 pandemic.
The Federal Emergency Management Agency (FEMA) announced on March 31 an extension of the National Flood Insurance Program (NFIP) renewal grace period from 30 to 120 days. The extension applies to all policies with an expiration date between February 13, 2020, and June 15, 2020.
- March 25, 2020
Industry Letter to the National Association of Insurance Commissioners Regarding Life Risk-Based Capital Treatment of Mortgages Affected by COVID-19
10 organizations sign onto a letter calling for clarification that temporary forbearance, deferrals, or modifications of mortgage loans in response to the COVID-19 event will not trigger treatment as a restructured or delinquent loan for accounting purposes under SSAP No. 36.
- March 22, 2020
NMHC and NAA Letter to the Cyber and Infrastructure Security Agency
Urges CISA to update its Critical Infrastructure Worker guidance to explicitly designate residential property management staff and housing construction workers as essential employees.
- March 20, 2020
Coalition Letter Calling for Direct Renter Assistance and Housing and Infrastructure Investments
NMHC, NAA, the National Low-Income Housing Coalition and National Housing Conference join together to reiterate the need for renter assistance and ongoing housing construction.
- March 19, 2020
Real Estate Industry Letter to House and Senate Outlining COVID-19 Relief Requests
11 real estate organizations call for direct renter subsidies and mortgage forbearance for struggling property owners.
- March 13, 2020
NMHC and NAA Letter to House and Senate Outlining COVID-19 Relief Requests
Outlines housing assistance and tax assistance measures Congress should pass to support renters and housing providers.
- NMHC Joins Broad Coalition in Urging Lawmakers to Establish Business Recovery Fund
- New Survey Shows Impact of COVID-19 on Multifamily Construction
- SBA’s Paycheck Protection Loan/Grant Program Launches Today
- Rent Payments Tracker Launches
- NMHC Summary: 120-Day Federal Eviction and Late Fee Moratorium