Fannie and Feddie Will No Longer Enforce CARES Act 30-day Notice

Fannie Mae and Freddie Mac announced that they will no longer enforce the Coronavirus Aid, Relief, and Economic Security (CARES) Act 30-day notice to vacate requirement on enterprise-backed mortgages. The CARES Act 30-day notice to vacate started during the COVID pandemic and required states to give 30 days after nonpayment of rent before filing for eviction. Enforcement of this provision contributes to financial loss for affordable housing providers, especially mom-and-pop landlords, piling debt for renters, and locks up rental housing supply. In April, NAR joined a coalition letter to the White House advocating for this change and supporting the Respect for State Housing Laws Act which would remove this provision from the CARES Act and allow states to make their own policies on evictions. For more information on this change, see Fannie Mae’s guidance.