FHFA Announces Loan Lookup Tool for Residents in Multifamily Properties Backed by Fannie Mae, Freddie Mac

by | May 4, 2020 | COVID-19 Communities, COVID-19 Financial Services, COVID-19 UPDATE |

The Federal Housing Finance Agency (FHFA) has announced a new online multifamily property lookup tool from Fannie Mae and Freddie Mac to help renters determine if they are protected in federal law from eviction during the COVID-19 emergency.

By entering their address, renters can determine if the property they are renting has a mortgage backed by the Government Sponsored Enterprises (GSE). The Coronavirus Aid, Relief and Economic Security Act (CARES Act) established a temporary moratorium for evicting residents of these.

According to a release by FHFA, residents able to pay their rent during the eviction moratorium period are still expected to do so. Those who are experiencing hardship and reside in a property with an Enterprise-backed loan can contact the helpline:

Fannie Mae Multifamily Loan Lookup Tool

Fannie Mae Helpline: 877-542-9723

Freddie Mac Multifamily Loan Lookup Tool

Freddie Mac Helpline: 800-404-3097

During these unprecedented and challenging times, ensuring that families remain secure in their homes is of utmost importance. MHI’s National Communities Council (NCC) members are on the front lines of this national emergency. As millions of residents are confined to their homes, our members have answered the call to serve—providing impacted residents flexible rent payment options, postponing scheduled rent increases, and providing additional resources and support including services like free lunches, grocery deliveries, and information about employment opportunities and filing for government benefits.

MHI encourages all NCC members to work with residents who are impacted by COVID-19 and reminds members of the principles outlined in the NCC Code of Ethics, which are required for NCC membership.

Trump Signs Bill Granting Additional Stimulus Funds for Paycheck Protection Program, Other Priorities

by | Apr 30, 2020 | COVID-19 Communities, COVID-19 Financial Services, COVID-19 Manufacturing, Retailers and Suppliers, COVID-19 State Associations, COVID-19 UPDATE |

On Monday, the federal government replenished funds for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) to help small businesses struggling through the economic impact of COVID-19. The SBA limited lenders to submitting 350 applications per hour through the E-Tran system as the volume of requests doubled compared to the initial distribution of PPP funds earlier this month.

On Friday, President Trump signed a $480 billion interim COVID-19 stimulus package, which includes more than $320 billion in additional funding for the PPP. MHI has been working with a coalition of housing leaders to urge the passage of additional funding for the PPP to ensure our industry receives federal financial support to help weather the impact of COVID-19. The bill also allocates $60 billion for the SBA’s disaster relief fund, $75 billion for hospitals and $25 billion for COVID-19 testing.

The PPP, which was set up to distribute $349 billion in stimulus funds on a first-come, first-served basis, provides much-needed relief for many families and businesses. However, the program quickly depleted its initial funding after it launched April 3rd. With the additional funding allocated by Congress, the SBA will resume accepting PPP loan applications today, April 27th from approved lenders on behalf of any eligible borrower.

When the PPP was established through the Coronavirus Aid, Relief and Economic Security (CARES) Act, MHI submitted a comment letter to the U.S. Department of the Treasury and the Small Business Administration (SBA) to ensure manufactured housing community owners and operators have access to federal aid. SBA issued regulations and guidance that had been interpreted by some lenders as excluding manufactured housing communities from the PPP. Throughout the COVID-19 crisis, MHI has continued its fight to ensure the needs of manufactured housing communities are prioritized in federal regulatory and legislative actions created to help American businesses. MHI is emphasizing before the Administration and Congress that manufactured housing community owners and operators are on the front lines of this pandemic, providing needed services for residents during months-long stay-at-home orders, and they must be supported.

THE HILL: Trump signs $484 billion coronavirus relief package

by | Apr 24, 2020 | COVID-19 Communities, COVID-19 Financial Services, COVID-19 Manufacturing, Retailers and Suppliers, COVID-19 State Associations, COVID-19 UPDATE |

President Trump on Friday signed legislation providing $484 billion to replenish a popular small business lending program and support hospitals and COVID-19 testing amid the coronavirus pandemic.

The measure includes an additional $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders; $75 billion for hospitals; $25 billion to support testing efforts; and $60 billion for emergency disaster loans and grants.

Trump signed the legislative package during an Oval Office ceremony.

(Read More)

MHI Working to Ensure MHCs Benefit from the SBA’s Paycheck Protection Program

by | Apr 21, 2020 | COVID-19 Communities, COVID-19 UPDATE, Uncategorized |

MHI submitted a comment letter to the U.S. Department of the Treasury and the Small Business Administration (SBA) to ensure manufactured housing community owners and operators have access to federal aid through the Paycheck Protection Program (PPP). SBA has issued regulations and guidance that could be interpreted by administrative lenders to specifically exclude manufactured housing communities from the PPP. Throughout the COVID-19 crisis, MHI has continued its fight to ensure the needs of manufactured housing communities are prioritized in federal regulatory and legislative actions created to help American businesses through this difficult time. MHI is emphasizing before the Administration and Congress that manufactured housing community owners and operators are on the front lines providing needed services for residents during months-long stay-at-home orders, and they must be supported during this unprecedented time.

MHI Calls on Congress for More Rental Assistance and Financial Mitigation Measures for Community Owners and Operators

by | Apr 21, 2020 | COVID-19 Communities, COVID-19 UPDATE, Uncategorized |

As Congress begins discussions about the next stimulus package in response to the COVID-19 outbreak, MHI is calling for further Congressional action related to the financial viability and stability of the rental housing industry and its residents. MHI continues to work as a part of a coalition of national housing industry trade groups to advocate for rental assistance and financial mitigation measures for property managers—including manufactured home community owners. Specifically, the coalition is asking Congress to tie eviction moratorium protections to those renters impacted by COVID-19,  create an emergency rental assistance program for those who have been impacted by the COVID-19 crisis, establish a Federal Reserve credit facility for mortgage servicers, and ensure multifamily businesses have access to government support programs.

MHI Produces Informational Packet on Cybersecurity for Telecommuters

by | Apr 21, 2020 | COVID-19 Communities, COVID-19 Financial Services, COVID-19 Manufacturing, Retailers and Suppliers, COVID-19 State Associations, COVID-19 UPDATE |

In response to the COVID-19 pandemic, an unprecedented number of Americans now work remotely or Work from Home (WFH). With so many people now using the internet for WFH, it is critical for businesses to ensure they are protected, while also providing employees with a frictionless WFH experience. To assist with transitioning to a WFH environment, MHI has produced this packet of information that contains helpful tips, recommendations and resources to ensure businesses can continue to operate securely, while also providing employees with a frictionless WFH experience. MHI encourages you to visit the “Helpful Resources” section of this packet, where you will find links to more detailed guidance and recommendations.

 

Click Here to view MHI’s Cybersecurity and COVID-19