The economic impact of the novel coronavirus can’t be understated, as businesses limit service in order to slow the virus’ spread. Restrictions on public gatherings and service-oriented businesses have put a significant amount of the workforce out of work. Several government organizations are suspending evictions and foreclosures to keep workers in their homes despite their inability to pay.
Considering that approximately 43 million households or 109 million people in the U.S. are renters, according to the latest numbers from the National Multifamily Housing Council, that’s a lot of missed rent payments should job losses continue to climb.
According to President Trump’s Wednesday announcement, the Department of Housing and Urban Development will be suspending foreclosures and evictions through the end of April.
HUD later announced its official policy, stating that the Federal Housing Administration is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days.
That matches the policy announced Wednesday by the Federal Housing Finance Agency.
The FHFA announced Wednesday that it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.”
Ben Lane, HousingWireIn Dallas County, where the limits on public gathering spaces have all but shuttered restaurants, bars, and entertainment districts, city and county leaders have also moved to stop evictions as widespread layoffs drastically cut household incomes. Other Texas cities, including Houston and Austin, have also taken measures to keep its citizens housed as millions in the state self-quarantine.
Additionally, the Texas Workforce Commission has waived the 10-day investigation period to receive unemployment benefits. This applies to both wage workers and the self-employed. High demand due to the large numbers of suddenly jobless has created outages and long waits to apply via the online portal.
For real estate industry professionals, the Texas Real Estate Commission has enacted procedures and best practices to address COVID-19 concerns. The agency is considering waiving some license requirements as agents look to keep their businesses afloat.
