The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” became law on March 27, 2020. Out of 335 pages, just over one page pertains to owners of single-family homes, townhouses, and condos. About a page and a half pertains to people who own and rent multi-family investment properties. And, there is about a page and a half on evictions. The great majority of the Act addresses unemployment, medical issues, and appropriation of funds to various government agencies. There is also a sizable section on $500,000,000,000 in loans, guarantees, and investments that the Treasury Secretary gets to dole out.
I’ve posted the applicable sections below but first, here is my summary of the key points for homeowners and tenants:
- All of the protections apply only to properties that have “Federally backed mortgage loans.”