COVID-19 - Corona Virus Helpful Information/Webinars/Websites
COVID-19 / CORONA VIRUS HELPFUL INFORMATION / WEBINARS / WEBSIGHTS
NAA CLICK AND LEASE ANNOUNCEMENT
Dear NAA Click & Lease User,
In response to the COVID-19 global pandemic, the NAA Click & Lease Program will be updated on April 1, 2020 to include the following changes to your lease forms. The Release Notes, which are accessible when logged into your NAA Click & Lease Program, include copies of these upcoming forms. Should you wish to access these forms sooner, they will be made available on NAA’s website beginning March 25, 2020.
Should you have any questions about these changes, please contact NAA. As always, we recommend you and your local legal counsel review all new and/or updated forms before implementing them into your leasing operations. More....
- What Real Estate Managers Need to Know
- What to do if a Resident is Exposed to COVID-19
- COVID-19: What Employers Should Know
- New COVID-19 Federal Laws - NAA offers an examination of new federal legislation aimed at addressing the spread of COVID-19. Guidance is presented by Greg Brown, NAA Senior Vice President of Government Affairs. Released 3/30/2020
- The Importance of Continued Training - A closer examination of why continuing training is important during COVID-19. Guidance is presented by Joy Zalaznick, Director of Training and Development for Kettler. Released 3/30/2020.
- Shelter in Place: Restrictions on Business Operations - NAA offers guidance related to shelter-in-place orders and what they mean for business operations. Guidance is presented by Nicole Upano, NAA Director of Public Policy. Released 3/26/2020
- Guidance for Suppliers Amid COVID-19 - NAA provides insight for rental housing industry suppliers amid COVID-19. Guidance is presented by Kirk Downey, Chairman of the NAA National Suppliers Council (NSC) and COO of Liberty Rent. Released 3/25/2020
- My Resident Tested Positive for COVID-19, Now What? - NAA offers operational insight for how to handle a resident testing positive for COVID-19 . Guidance is presented by Ayiesha Beverly, NAA Senior Staff Attorney, National Lease Program. Released 3/24/2020
- How to Respond to Media - NAA offers guidance for crisis communications and handling media inquiries during the spread of COVID-19. Guidance is presented by Todd Usher, NAA Manager of Public Relations. Released 3/23/2020
- How to Handle Maintenance During COVID-19 - NAA provides insight into how to handle maintenance during the spread of COVID-19. Guidance is presented by Paul Rhodes, NAA National Safety and Maintenance Instructor. Released 3/20/2020
- Legislative and Regulatory Updates - NAA provides a property management-focused legislative and regulatory update in light of the spread of COVID-19. Guidance is presented by Nicole Upano, NAA Director of Public Policy. Released 3/19/2020
- Teleworking Amid COVID-19 - NAA shares guidance that will be helpful as organizations transition from normal business operations to working remotely. Guidance is presented by Nancy Carbone, NAA Senior Vice President, Human Resources & Administration. Released 3/18/2020
Toni Blake Leadership Crisis
What have we Learned from 14 Days of Social Distancing? with Michelle Childers
on Wednesday, April 1, 2020 at 12:00pm (ET)
What Can Maintenance be Doing Now? with Vann Flippen
on Friday, April 3, 2020 at 12:00pm (ET)
- Centers for Disease Control and Prevention
- Coronavirus Preparedness for Apartment Firms
- Federal Emergency Management Agency
- Institute of Real Estate Management
- Alabama Emergency Management Agency
- Alabama Department of Public Health
- National Apartment Association – Guidance Dealing with the Coronavirus
- U.S. Department of Housing and Urban Development
- J Turner Research
FHFA Relief for Multifamily Property Owners Due to COVID-19
March 27, 2020
Some interesting news for multifamily property owners and managers with Fannie Mae and Freddie Mac-backed mortgages.
The Federal Housing Finance Authority (“FHFA”) announced temporary, coronavirus-related relief for multifamily property owners with Fannie Mae and Freddie Mac-backed mortgages and, in connection therewith, the tenants of such properties. This announcement, which was made on March 23, 2020, represents FHFA’s attempt to simultaneously keep multifamily renters in their homes and provide assistance to multifamily landlords who may struggle to collect the rental payments they rely upon to pay their Fannie Mae and Freddie Mac-backed mortgages. For multifamily property owners, the temporary relief is a mortgage payment forbearance for up to three (3) months, provided certain conditions are met. For tenants, the relief is a suspension of evictions for the full duration of the property owner’s forbearance period. Due to the national impact of COVID-19, Fannie Mae has expressed the opinion that this mortgage and eviction forbearance could apply to renters living in more than 27,000 separate multifamily properties and apartment complexes.
This relief is immediately available, and pursuant to guidance issued by Fannie Mae on March 24, 2020, a multifamily property owner impacted by COVID-19 and desirous of temporary mortgage forbearance must request the forbearance from its lender in writing pursuant to the notice section of its loan agreement. After such request, the lender and property owner would then enter into a forbearance agreement that requires the owner-borrower to (i) bring the loan current by the earlier of the borrower’s receipt of Business Income insurance proceeds or 12 months after the end of the forbearance period, (ii) suspend all evictions of COVID-19-impacted tenants until the later of the date when the borrower’s loan is brought current or 90 days after the effective date of the forbearance agreement, and (iii) permit the impacted tenants to repay, without late charges, any missed rent payments in equal monthly installments not to exceed 12 installments. A tenant’s repayment of missed payments would be made concurrent with that tenant’s post-forbearance regular rent.
Because of the domino effect of COVID-19 on individuals and businesses across the nation, the possible need for delayed loan and rental payments is merely one of several legal and business issues relevant for multifamily owners and investors. Additional helpful resources can be found here on the National Multifamily Housing Council’s Coronavirus Resources for Apartment Firms page.
Sirote & Permutt, P.C. stands ready to advise multifamily property owners, their investors and multifamily property managers as well as FHFA lenders in this market sector with respect to FHFA’s forbearance announcement or other issues arising out of the COVID-19 pandemic. If you have any questions concerning the topics discussed, Sirote attorneys Adam Sigman, Nathan Weinert, and Brad Sklar are available to help.
#GBAA GIVES BACK
If you are looking for ways to give back and assist non-profits who are struggling during the pandemic, please consider supporting our charity partners with a monetary gift.
Both of our charities have suffered their own devastation with loss of funding, contributions and volunteer efforts during this time of uncertainty.
For over 45 years King’s Home has been home to hundreds of youth, women & kids seeking refuge, hope, and help from domestic violence, neglect, abandonment, homelessness, and other difficult and impoverished conditions and circumstances. Our Purpose: To serve Christ by serving youth, women, and mothers with children.
Hatching Hope works tirelessly to provide disaster relief and humanitarian aid to residents, and pets displaced from apartment homes, serving over 9,000 to date. In the past two years, our country has experienced massive loss and devastation caused by natural disasters in the past several years. Hatching Hope volunteers were there boots on the ground providing relief supplies, and loving on people in communities ravaged by Hurricane Florence, Michael, and Dorian. In addition, deployed volunteers and relief when numerous tornadoes ripped through the states of Alabama, and Tennessee killing 49 people. In the Beauregard tornado, a supplier in the multifamily industry lost ten members of his family. Being supportive of our residents, and multifamily family is our duty.