COVID-19 Impact on the Affordable Housing Industry

COVID-19 Impact on the Affordable Housing Industry

briefing by Jamie 帕森斯, CPA

新冠肺炎危机正在影响世界各地的个人、企业和易胜博YSB88.  The affordable housing industry has not escaped this crisis.  As many tenants have suffered job losses, 经济适用房易胜博YSB88面临的最大挑战是维持足够租金收入的能力.

3月27日, 2020, the President signed into law the Coronavirus Aid, Relief and Economic Security Act (the CARES Act), the basis for a massive ($2.2 trillion) stimulus for the US economy. 《易胜博YSB88》第4023和4024条为许多多户借款人及其租户提供了救济.

证券交易委员会. 4023. 联邦政府贷款支持的多户住宅抵押贷款的延期支付.

第4023条允许拥有联邦支持的多户抵押贷款的多户借款人，他们正在经历经济困难, directly or indirectly, due to the COVID-19 emergency to request forbearance.  Such requests may be submitted to the borrower’s servicer verbally or in writing.  The mortgage loan must have been current on its payments as of February 1, 2020.

Federally 回来ed Multifamily Mortgage Loan Definition

术语“联邦政府支持的多户抵押贷款”包括任何贷款(除了临时融资，如建筑贷款)-

1. 是否对主要供5个或更多家庭居住的多户住宅房地产享有第一或次级留置权, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and
2. is made in whole or in part, 或被保险人, 保证, supplemented, or assisted in any way, 由联邦政府的任何官员或机构，或根据或与住房和城市发展部部长管理的住房或城市发展计划或由任何其他此类官员或机构管理的住房或相关计划有关, 或由联邦住房贷款抵押易胜博YSB88或联邦抵押贷款协会购买或证券化.

Forbearance Period

Upon receipt of an oral or written request for forbearance, the servicer shall:

1. Document the financial hardship;
2. Provide forbearance for up to 30 days; and
3. 在借款人提出要求的情况下，延长最多2个30天的延期期限
   1. 在适用期间(“适用期间”指自颁布之日(3月27日)开始的期间, 2020) and ending on December 31, 2020 or, 如果早, the termination date of the COVID-19 national emergency as declared by the President); and
   2. At least 15 days prior to the end of the original/previous 30-day period

多户借款人有权选择在任何时候终止延期.

Renter Protections During Forbearance Period

A multifamily borrower that receives a forbearance under this section may not, for the duration of the forbearance―

1. evict or initiate the eviction of a tenant from a dwelling unit located in or on the applicable property solely for nonpayment of rent or other fees or charges; or
2. charge any late fees, 处罚, or other charges to a tenant described in paragraph (1) for late payment of rent.
3. require a tenant to vacate a dwelling unit located in or on the applicable property before the date that is 30 days after the date on which the borrower provides the tenant with a notice to vacate; and
4. issue a notice to vacate until after the expiration of the forbearance.

Terms of Forbearance Agreement

A forbearance agreement must be entered into between the borrower and the lender.  容忍协议必须符合《易胜博YSB88》的要求, 然而, various agencies have or will develop their own prescribed forms.  It is important to understand the terms.  Based on a review of Fannie Mae’s form of forbearance agreement, below are some key terms of the agreement to note:

• 借款人必须声明，该物业的经营和财务业绩因健康危机而遭受困难. 借款人应在这样的陈述中明确表示，困难与COVID-19健康危机有关，而不仅仅是无力支付抵押票据的陈述, as such statement could give an indication of insolvency.
• 延期的条件是借款人的合作，并提供每月报告，如租金卷, collection reports, monthly operating statements.
• 借款人应在收到营业收入(营业中断/租金损失)保险收益或收到任何其他来源的任何其他财务救济或援助后立即提供贷款，包括, but not limited to, 任何地方, state or federal government assistance or relief program.
  • 房利美形式的延期协议没有解决这样一个事实，即上述来源的收益可能不足以使贷款流动.
  • Based on this language, 如果借款人从《易胜博YSB88》下的工资保护计划(PPP)中获得资金, 他们可能会被要求在使用这些资金支付工资之前，先用这些收益来偿还抵押贷款. 由于PPP贷款只允许25%的PPP资金用于非工资成本，因此将此类PPP资金用于抵押贷款可能会影响可免除的PPP贷款部分.
• The terms noted above under the Renter Protections During Forbearance Period section.
• Until the borrower is current on the loan, all revenue or income generated by the Property, 是否仅用于允许的正常和习惯的运营费用和批准的资本支出. 此外, borrower agrees that no distributions to partners, members and affiliates will be allowed (except for certain management fees).

证券交易委员会. 4024. TEMPORARY MORATORIUM ON EVICTION FILINGS

Section 4024, separately from Section 4023, provides for a temporary moratorium on eviction filings for 120 days, beginning on March 27, 2020 through July 24, 2020 with an additional 30 days’ notice.  Under Section 4024, landlords are prohibited to:

1. File any action to recover possession of the covered dwelling on account non-payment of rent or other fees or charges; or
2. Charge tenant any fees related to non-payment of rent.

第4023条和第4024条规定的租客/租客保护之间的主要区别在于驱逐限制的时间.  第4023条规定了适用的延期期限，第4024条规定了120天.

另外, 各州和地方政府也开始暂停在其州/管辖范围内驱逐所有居民.  国家住房法项目已逐州公布了一份暂停驱逐/止赎的名单.

结论

《易胜博YSB88》第4023条和第4024条为拥有联邦担保抵押贷款的多户借款人和居住在此类经济适用房项目中的租户提供了短期救济.  Please contact your BRC advisor if you have any questions or need further assistance.

杰米·L. 帕森斯 Partner, CPA

Jamie是我们事务所审计领域的合伙人，拥有超过20年的公共会计经验.  她主要与非营利组织和参与经济适用房易胜博YSB88的客户合作, including tax credit properties, U.S. Department of Housing and Urban Development and U.S. Department of Agriculture Rural Development sites.  她有……

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