NAHMA USDA Implements Immediate Measures to Help Rural Residents, Businesses and Communities Affected by COVID-19
USDA Rural Development published a stakeholder announcement which provides an updated summary of immediate actions and assistance available to help rural residents, businesses and communities affected by the COVID-19 outbreak. The stakeholder announcement includes:
Forbearance Guidelines for the Multi-family Direct and Guaranteed portfolios:
Special servicing actions for Section 514 and 515 loans to prevent default
Section 515 Multi-Family properties deadlines and fees:
Tenant certifications extended to June 30 with no late fees or overage charges
Late fees on Section 515 mortgages will be waived
Section 515 Annual Financial Statements due March 31 extended for an additional 30 days
Forbearance Guidelines for the Multi-Family Housing Guaranteed Loan Program:
Forbearance of Stand-Alone Section 538 Loans
Section 538 Loans with Subordinate Section 515 Loan(s)
The full stakeholder announcement can be read here.
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