FHFA and FHA Extend Eviction and Foreclosure Moratoriums

The Federal Housing Finance Agency (FHFA) and the Federal Housing Administration (FHA) announced they are extending their respective foreclosure and eviction moratoriums to August 31, 2020. The current moratoriums, which were initiated to help borrowers and renters who were financially impacted by the coronavirus national emergency, were originally set to expire June 30, 2020.
 
Fannie Mae and Freddie Mac’s (Enterprises) single-family moratorium on foreclosures and evictions applies to Enterprise-backed, single-family mortgages only. FHA’s extension continues to apply to all FHA Title II single family forward mortgage and Home Equity Conversion Mortgage (reverse) programs, except for those secured by vacant and/or abandoned properties. The extension does not apply to Enterprise-backed multi-family loans. 
 

MHI Joins Coalition in Support of Expanding Employee Retention Credit Through New Legislation

MHI joined a coalition of business associations in telling Congressional leaders to include H.R. 6776, the “Jumpstarting Our Businesses’ Success (JOBS) Credit Act of 2020” in future legislative packages aimed at helping people and businesses recover from the economic impact of COVID-19. 
 
The JOBS Credit Act is a bipartisan effort on behalf of American businesses to expand the Employee Retention Credit (ERTC), which was created as part of the CARES Act to incentivize employee rehiring and retention in the wake of COVID-19. Per the letter, the JOBS Credit Act would enhance the ERTC by:
  • Increasing the credit from 80 percent to 50 percent;
  • Increasing the wage base to $15,000 per quarter for up to three quarters—previously $10,000 per year;
  • Easing the qualifying rules for revenue decline;
  • Including health benefits in the definition of qualified wages; and
  • Allowing businesses that receive a loan through the Paycheck Protection Program loan to qualify for the credit. 
Incentivizing American businesses to maintain employment is crucial to ensuring the long-term success of the economy as it recovers. MHI will continue to push for this and any legislation that helps our industry and others survive and thrive after this national health emergency.

MHI Joins Coalition of Housing Leaders Urging Congress to Approve Further Stimulus Funds for American Workers and Businesses

MHI, along with a coalition of housing leaders, submitted a letter to Congress strongly urging additional funding for the Payroll Protection Program (PPP) to ensure MHI’s membership can take advantage of this financial support during this difficult time. Additional funding for the Small Business Administration’s (SBA) now-depleted PPP has stalled in Congress putting American workers and businesses at risk of greater financial impact from the COVID-19 outbreak.

The PPP provided much-needed relief for many families and businesses, but Congress’ failure to approve additional funding last week has left many eligible American businesses and workers waiting in the application process uncertain about their economic future.  The program, which was set up to distribute $349 billion in stimulus funds on a first-come, first-served basis, quickly ran out of funds after it launched April 3.

Treasury Secretary Steven Mnuchin continues to meet with Congressional Democrats to iron out details for an agreement to pass additional funds. MHI is closely monitoring this situation and will continue to work with housing leaders, Congress and the Administration to ensure the businesses and workers who make up our industry have access to federal financial support.

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

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

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.