Foreclosure Moratoria | Payment Deferral Options | New Resources
** HEROES Act Makes it Through the House
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On Friday, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would provide over $3 trillion to address the challenge that this pandemic poses to the nation. The bill includes:
* Nearly $1 trillion to state, local, territorial and tribal governments who are incurring costs and revenue losses due to the pandemic,
* $100 billion for Emergency Rental Assistance,
* $75 billion for a Homeowner Assistance Fund,
* $11.5 billion for Homeless Assistance Grants,
* $5 billion for the Community Development Block Grant (CDBG) program,
* $4 billion for Tenant-Based Rental Assistance,
* $2 billion for the Public Housing Operating Fund,
* $1 billion to assist Community Development Financial Institutions (CDFIs),
* $750 million for Project-Based Rental Assistance,
* $500 million for Housing for the Elderly,
* $200 million for Housing for Persons with Disabilities,
* Authorization for $700 million in supplemental funding for the USDA rental assistance program,
* Another round of $1,200 economic impact payments, extending unemployment benefits and strengthening the Payroll Protection and Economic Injury Disaster Loan programs, and
* Extending and expanding CARES Act eviction and foreclosure moratoria to include all renters and homeowners.
The bill is not expected to become law in its current form and has not yet been voted on in the Senate. Majority Leader Mitch McConnell (R-KY) described the bill as a "totally unserious effort" last week, and the White House also threatened to veto it.
CALL TO ACTION: Contact your members of Congress, particularly in the Senate, to communicate the need to substantially fund housing-related relief and funding in a final bill
** Foreclosure Moratoria Extended
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The U.S. Department of Housing & Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) announced that foreclosure moratoria would be extended to June 30^th for single-family FHA-insured mortgages ([link removed]) and mortgages backed by Fannie Mae and Freddie Mac ([link removed]) . The moratoria was set to expire on May 17^th.
** Payment Deferral Options Available from Fannie Mae & Freddie Mac
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FHFA also announced that Fannie Mae and Freddie Mac are both providing a payment deferral option ([link removed]) to homeowners who have their mortgages in forbearance. The payment deferral option allows homeowners who can return to making their normal monthly mortgage payment with the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity. Servicers will begin offering the payment deferral repayment option starting July 1^st, 2020.
** New Resources on Renter & Homeowner Protections
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Last week, the Consumer Finance Protection Bureau (CFPB), FHFA and HUD launched a new website ([link removed]) [link removed] renter and homeowner protections under the CARES Act. It includes information on mortgage relief options, protections for renters, and how to avoid scams and bad actors. To learn more about renter protections, the Eviction Lab is tracking state and local government actions ([link removed]) .
** Looking for Covid-19 Resources?
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Grounded Solutions Network is committed to supporting the millions of families at risk of losing their homes as a result of COVID-19, and we have created an online portal with links to available information, resources, services and programs for housing organizations. While not comprehensive, we will frequently update this page for online visitors to learn what efforts are underway to prevent delinquencies and to promote lasting affordability.
Covid Related Resources ([link removed])
** Where we live matters.
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** We bring together an extensive network of partners and member practitioners from local communities who have a deep understanding of best practices in community land trusts, shared equity housing, local housing policies such as inclusionary zoning, and more.
At Grounded Solutions Network, we know what policies and strategies work to build and preserve housing opportunities, and we help communities use them.
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