Updates In The Real Estate Market Going into 2021

City of Tampa Offering Forgivable Loans to Affordable Housing Landlords 

The city of Tampa announced it launched a new program to offer deferred payment loans to landlords of multi-family affordable housing properties who have seen major decreases in rent because of the pandemic. The goal of the Rental Rehab Program is to help landlords continue to afford needed repairs.

The city will offer loans from $100,000 up to $500,000, depending on how much money the landlords can put up to match. The program is funded by the CARES Act coronavirus stimulus package. The loans will have zero percent interest and can be deferred each year for 10 years and eventually forgiven if the property owners keep their units affordable during that period.

The city has extended the deadline for applications to be completed and approved until Dec. 30.To qualify, landlords must be able to demonstrate at least a 25 percent loss in rental income from February to July compared to the same period last year. The properties’ rent must also be affordable to families who make 80 percent of the area median income or less.

Federal Housing Finance Agency (FHFA) Extends Foreclosure, Eviction Moratorium

FHFA has extended its foreclosure and real estate owned eviction moratoriums for borrowers with Fannie Mae or Freddie Mac-backed single-family mortgages until at least Jan. 31, 2021. This is the fourth time the FHFA has extended protections to homeowners. The previous moratoriums were going to expire on Dec. 31.