MAAHP Update to Affordable Housing Providers in Wake of COVID-19

MAAHP Update to Affordable Housing Providers in Wake of COVID-19
 
COVID-19 is presenting a significant challenge to our nation and state, and the affordable housing industry, as always, has a critical role to play. With state and local officials are encouraging residents to stay home to stop the virus’ spread, the homes our industry provides to Mississippi’s lower-income population are critical to keeping residents safe.

Our lower-income residents are also among the most vulnerable to the economic consequences resulting from COVID-19, as many are losing their jobs or experiencing a reduction in income. In turn, residents may have a hard time paying rent and threaten the viability of affordable housing properties.

MAAHP is in regular contact with the Mississippi Home Corporation and is monitoring federal actions and will report back to MAAHP membership on impacts for the affordable housing industry and low-income residents. In the meantime, we advise property owners to continue to communicate with lenders and syndicators regarding the challenges you are facing or anticipate facing (see below for an update from Fannie Mae and Freddie Mac regarding mortgage forbearance). Property owners should also examine their operating and replacement reserves as a source to compensate for lower rent revenues.

MAAHP has a COVID-19 Feedback Form where members can send in questions, concerns, or updates regarding how COVID-19 is affecting their work. Sharing this information will help MAAHP to work on solutions for those issues. Members can also email info@maahp.ms regarding any help they may need.
 
MAAHP Conference Call
Please join MAAHP for a call on Friday, March 27th, at 2:30 pm for a call to hear from MAAHP regarding the latest developments concerning COVID-19 and to ask questions or voice concerns you may have. Please click here to access the Zoom call information.
 
MAAHP and MAA Issue Press Release
Today, MAAHP and the Mississippi Apartment Association (MAA) issued a press release asking landlords and tenants to work together through these challenging times. The press release gives rental owners and tenants guidance on how to navigate tenant financial issues caused by the coronavirus.
 
Affordable Housing and COVID-19 News

• The Federal Housing Finance Agency (FHFA) is announcing that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.

• The Mississippi Home Corporation has issued the following Program Bulletins related to COVID-19

  • Suspending all physical inspections and onsite tenant file audits through April 15, 2020

  • Suspending the tenant community services requirement

  • HUD has announced an extension of the completion and submission of the Single Audit Reporting package

• NCSHA Urges IRS, Treasury to Establish Emergency Measures Related to Housing Credit Administration During COVID-19 Pandemic

• The ACTION Campaign has identified and developed immediate statutory recommendations for Congress to include in the next COVID-19 relief package. Please be on the lookout for a MAAHP Call to Action concerning these important Housing Credit provisions.

MAAHP will continue to provide updates affecting the Mississippi affordable housing industry. You can find the latest updates on MAAHP’s website at https://www.maahp.ms/covid-19.