At a recent webinar hosted by IPA, a division of Marcus & Millichap, executives from influential multifamily businesses and organizations spoke about the current COVID-19 pandemic’s effect on the industry. Most agreed that the current challenges facing commercial real estate are first and foremost a health crisis, and after that a financial crisis. While these business and organizations have little influence over the COVID-19 pandemic, they are working to analyze the current situation.
Here are some key takeaways from the webinar:
Webinar participants also addressed how Fannie Mae and Freddie Mac have issued COVID-19 related forbearance rules and guidelines, which are being evaluated and modified to conform with the $2.2 trillion stimulus package. They are also offering relief and education to their tenants, including focusing on safety and education; eliminating evictions; and tabling rental rate increases, among other things.
Overall, there was a real sense that multifamily property owners, lenders, and organizations supporting the industry are working diligently to ensure the best possible outcomes in the post COVID-19 world.
At Lightbox, we are here for you and are adjusting to this situation alongside you and your business. Talk to our team and learn more about our resources and how we can support your business.