The Federal Housing Finance Agency (FHFA) said Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through March 31, 2021. The Enterprise programs were set to expire Dec. 2020, the FHFA announced in a release.

Property owners with Enterprise-backed multifamily mortgages can enter a new or, if qualified, modified forbearance if they experience a financial hardship due to COVID-19. Property owners who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections available during the property owner’s forbearance and repayment periods and agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance, the FHFA said.

Additional tenant protections apply during the repayment periods. These protections include giving tenants at least a 30-day notice to vacate, not charging tenants late fees or penalties for nonpayment of rent and allowing tenant flexibility in the repayment of back rent over time, and not necessarily in a lump sum, the organization stated.

“Due to the continued presence of COVID-19 in our communities and its disproportionate impact on renters, FHFA will extend forbearance multifamily offerings and tenant protections beyond the end of the year and through the first quarter of 2021,” FHFA Director Mark Calabria said in the release.

In addition to requiring written tenant notification, FHFA said that the Enterprises have posted the tenant protections to their respective online multifamily property lookup tool websites. The property lookup tools make it easy for tenants to find out if the multifamily property in which they reside has an Enterprise-backed mortgage.

FHFA said it will continue to monitor the coronavirus’ impact on tenants, borrowers, and the mortgage market and update policies as needed.