March 24, 2020

Yesterday, The Federal Housing Finance Agency (FHFA)  announced that Fannie Mae and Freddie Mac will offer mortgage forbearance for multifamily property owners who suspend all evictions for renters unable to pay rent due to the impact of the coronavirus. This means that buildings with Fannie Mae and Freddie Mac mortgages have the opportunity to keep their tenants in stable housing and continue to pay their mortgages. Given the ongoing research around the need for stable affordable housing and the impacts of eviction on already marginalized households, this gives landlords an unequivocal reason to stop eviction filings, late fees and threats of eviction due to nonpayment of rent. While the City of Richmond has halted eviction proceedings in the legal system, this relief by FHFA means that landlords with these mortgages can also support tenants – many of whom will have been out of work – by not filing immediately after the crisis has abated. 

Over the past several months, we have built a database of multifamily properties in the City of Richmond, bringing together data about the location, building conditions, financing, ownership, subsidies and eviction rates to get a more granular picture of eviction in Richmond. Based on these data, we developed a list of the properties with mortgages backed by Fannie Mae and Freddie Mac. See more in the link below…

Multifamily Properties in Richmond backed by Fannie Mae and Freddie Mac