Coronavirus Aid, Relief & Economic Security Act Information

Collier County Government encourages residents to learn about The Federal Coronavirus Aid, Relief & Economic Security Act (CARES) Act which was signed into law on March 27, 2020. This legislation is aimed at providing relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Some of the key provisions related to housing include:

• Foreclosure Moratorium and Consumer Right to Request Forbearance
• Forbearance of Residential Mortgage Loan Payments for Multifamily Properties with Federally Backed Loans
• Temporary Moratorium on Eviction Filings

The public is encouraged to review the information available on these topics below.

Section 4022. Foreclosure Moratorium and Consumer Right to Request Forbearance. Prohibits foreclosures on all federally backed mortgage loans for a 60-day period beginning on March 18, 2020. It provides up to 180 days of forbearance for borrowers of a federally backed mortgage loan who have experienced a financial hardship related to the COVID-19 emergency. Applicable mortgages included those purchased by Fannie Mae and Freddie Mac, insured by HUD, VA, or USDA, or directly made by USDA. The authority provided under this section terminates on the earlier of the termination date of the national emergency concerning the coronavirus or December 31, 2020.

Section 4023. Forbearance of Residential Mortgage Loan Payments for Multifamily Properties with Federally Backed Loans.

Provides up to 90 days of forbearance for multifamily borrowers with a federally backed multifamily mortgage loan who have experienced a financial hardship. Borrowers receiving forbearance may not evict or charge late fees to tenants for the duration of the forbearance period. Applicable mortgages include loans to real property designed for 5 or more families that are purchased, insured, or assisted by Fannie Mae, Freddie Mac, or HUD. The authority provided under this section terminates on the earlier of the termination date of the national emergency concerning the coronavirus or December 31, 2020.

Section 4024. Temporary Moratorium on Eviction Filings.

For 120 days beginning on the date of enactment, landlords are prohibited from initiating legal action to recover possession of a rental unit or to charge fees, penalties, or other charges to the tenant related to such nonpayment of rent where the landlord’s mortgage on that property is insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, or the Violence Against Women Act of 1994.

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