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Eviction Moratorium Covers One in Four Rental Units Nationwide
Urban Institute reports that one in 4 rental units in the U.S. have federally-backed mortgages and are therefore covered by FHFA's mortgage forbearance-for-eviction moratorium policy. This works out to a total of 9.6 million multifamily units. Other units in buildings that used Low-Income Housing Tax Credits or are covered by other federal subsidies, including vouchers, are also protected by this provision.
While data on all the country's federally-backed mortgages is incomplete, HUD data offers some insights on how this could cover renters in the DC area. In DC proper, 87 multifamily buildings have HUD-backed mortgages, totalling nearly 13,150 units, or one in 10 units citywide.
Fourteen of those buildings are in the 20020 zip code, followed by 12 in 20001 and 11 in 20009. The majority of the units are in Northwest (over 5,900) compared to just over 4,000 units in Southeast and 2,500 units in Northeast.
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If nationwide numbers are any indication, the HUD-backed mortgages only account for one in 5 units that will be covered by the moratorium.
The eviction moratorium applies for 120 days and must be adhered to whether or not the mortgagee seeks forbearance. For multifamily landlords receiving forbearance, the eviction moratorium applies for 90 days.
Thumbnail photo by Ted Eytan.
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See other articles related to: eviction moratorium, fhfa, hud, moratorium, the urban institute, urban institute
This article originally published at https://dc.urbanturf.com/articles/blog/federal-eviction-moratorium-covers-one-in-four-rental-units-nationwide/16685.
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