Access Las Vegas - April May June 2020

I NTHI SI SSUE

A CCE S S L A S V E GA S

THI SEDI TI ON OFACCESSLASVEGASI SDEDI CATED TO THI SUNPRECEDENTEDWORLDEVENTI NCLUDI NG: WHAT’ SHAPPENI NGNOW ANDWHATTO EXPECT I N MULTI FAMI LYANDREALESTATE

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02 acr os si ndus t r i es begi nt o wor r y about t hei r debt obl i gat i ons . Hi s t eam wi l lbepayi ngcl os eat t ent i on t ot he begi nni ng of next mont h, when Apr i l ’ sr entand debts er vi ce payment scomedue.

Lar gerl andl or dsmayfindi teas i ert o weat hert hefinanci al uncer t ai nt y. “ Smal l er momandpop bor r ower s wi t h10or20uni t smayhaveahar der t i mej us tbecaus eofl i qui di t yi s s ues , unl i keabi gbor r owerwhohascr edi t l i nes t hey can dr aw upon, ” Chun s ai d.

One s ol ut i on i s t o i nt r oduce pr ot ect i onsf ormor t gagor saswel l .

Pr es i dentTr umpannouncedt hatt he Depar t mentofHous i ng and Ur ban Devel opmentwi l ls us pendal lofi t s f or ecl os ur es and evi ct i ons t hr ough Apr i li nr es pons et ot he pandemi c, ks t at e wi l ls us pend and New Yor mor t gage payment sf or a 90day per i od.

I nat ypi caldownr eales t at emar ket , t her ei sas t andar d “ dai s ychai n, domi noef f ect r eact i on, ”s ai dJ ef f Fr i edmanofl aw fir m Hal lEs t i l l ’ sr eal es t at e gr oup i n s t at ement . “ Apar t mentr ent er sl os et hei rj obsor t akes i gni ficantpaycut sandcanno l onger af f or d t o pay t hei rr ent ; owner scol l ectl es sr entandcannot maket hei rdebts er vi cepayment st o t hei rl ender s ;and l ender s ar e not col l ect i ng enough on t he debt s er vi ce,wi t ht hei rl oans now on di s t r es s edr eal es t at eas s et s . ”

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t hatCongr es si swor ki ngoni ncl udeschecksf orl ow-andmi ddl ei ncomef ami l i esaswel lasaj ol tt o unempl oymenti ns ur ance,pl usbi l l i onsi nf undsf orhous i ngandcommuni t ydevel opment . hecal l sf oract i onst opr ot ectvul ner abl er ent er sandhomeowner sf r om t heeconomi cr a vages Yetmanyoft oft hepandemi cmi s soneof t mal i gnedcat egor yofpr oper t yi nt er es t s :l andl or ds .Rent alpr oper t yowner s whocannotcol l ectt her entar es t i l l l i abl ef ort hei rownbi l l s .Notj us tt hemor t gage,butut i l i t i es ,i ns ur ance, t ax es ,andpa yr ol lf ors t af fandcont r act or st heyempl oy .I fl andl or dsar eas k edt ocar r yt hebr untoft he pandemi c’ sbl ow t ot heeconomy ,t hey’ l ll a yof fwor k er s ,mi s st hei rownobl i gat i ons ,andpos s i bl ywi ndup f or f ei t i ngt hei rpr oper t i es . “ Thebot t om l i nei st hati fr ent er sar es t r uggl i ngt oaf f or dt her ent ,owner swi l l s i mi l ar l ys t r uggl et onotonl y pa yal loft hei rempl oyees ,butmeett hei rownmor t gageobl i gat i ons— put t i ngt hei rbui l di ngsatr i s kof f or ecl os ur e, ”s a ysJ i m Lapi des ,vi cepr es i dentofs t r at egi ccommuni cat i onsf ort heNat i onalMul t i f ami l y Hous i ngCounci l ,acoal i t i onofapar t mentbui l di ngowner s . et t ert ol eader si nCongr es s ,t heNat i onalMul t i f ami l yHous i ngCounci landt enot herr eal es t at e I nal or gani z at i onsout l i nedt hei rs uppor tf orr el i eff orbel eaguer edr ent er s .Theyal s ocal l edf orai dt hatwoul d s peci fical l y benefit r ent al pr oper t y owner s , who empl oy s ome 341, 000 mai nt enance s t af f , s uper i nt endent s ,andot herwor k er snat i onwi de.That ’ sabouts event i mesmor epeopl et hanwor ki nt he coal i ndus t r y ,f orcompar i s on’ ss ak e.

I naddi t i ont opl eadi ngf orai df orl andl or ds ,t hei ndus t r yl et t eras k edCongr es st ot hi nkcar ef ul l ybef or e t aki ngupani ncr eas i ngl ypopul arpol i cyr es pons et ot hepandemi c.Thel et t erdr ew abr i ghtl i ne:“ We caut i onpol i cymak er sagai ns ti mpos i ngbl ank etevi ct i onmor at or i ums . ” Theapar t menti ndus t r yi scal l i ngonl andl or dst hems el vest ohal tevi ct i ons ,del a yr enti ncr eas es ,andwai ve l at ef eesf ort henext90da ysmi ni mum.I naddi t i on,gr oupsl i k et heNat i onalMul t i f ami l yHous i ngCounci l ar epr es s i ngr ent al pr oper t yowner st ocomeupwi t hpa yment spl ansf ort enant sandt ohel pt hem i dent i f y publ i candpr i vat er es our cesf orai d.Ther ear ehear t war mi ngs t or i esofl andl or dsgi vi ngt hei rt enant sa br eakpr oact i vel y .Butt her ear eatl eas tasmanyanecdot esaboutl andl or dss howi ngnochi l l .I tma ybet hat s omeoft hem ar ewor r i ed,t oo. “ Themar gi nsonpr oper t yr ent al sar en’ twhatpeopl ei magi net heyar e, ”s a ysEmi l yHami l t on,s eni orf el l ow att heMer cat usCent eratGeor geMas onUni ver s i t y .“ Thi si sgoi ngt ot ak eat ol l . ”

Mos tl andl or ds ,af t eral l ,ar enotcol d,unt hi nki ngcor por at e ent i t i es .They’ r e over whel mi ngl yi ndi vi dual s and s mal l bus i nes sowner s .Momandpopi nves t or s-t hos ewhoown t wot of ourr ent al uni t s-ownnear l yt hr eequar t er s( 7 4%)of al lapar t mentpr oper t i es ,accor di ng t o HUD and t he U. S. Cens usBur eau.Forver yl ar gebui l di ngsof50ormor euni t s , cor por at i onsaccountf oral ar gers har eofowner s( 68%) ,but l ar gepr oper t i esmak eupamuchs mal l ers l i ceoft heover al l r ent almar k et .Whi l el os tr entf al l shar des ton i ndi vi dual owner sofmodes t l ys i z ed bui l di ngs ,t hepandemi cpos es acr os s t heboar dr i s ks . “ As mal l erbui l di ngmeansl es swi ggl er oom i nt hebudget , ” Lapi dess a ys .“ I ft heowneronl yhast enuni t sandt woof t hos e can’ tmak et hei rr ent ,t hat ’ s a 20% vacancy r at e es s ent i al l y , wi t hout an act ual l y vacant uni t . And i f s omet hi ngbr eaksi nt heuni t ,t hey’ r es t i l l goi ngt oha vet ofix i t .Butt hemagni t udeoft hi spr obl em put sbus i nes s esofal l s i z eatr i s k. ” ct i on mor at or i ums t hat ar en’ t mat ched by s i mi l ar Evi pr ot ect i onsf orr ent alpr oper t yowner s( s uchasmor t gage f or bear ance)r unt her i s kofs hi f t i ngt heeconomi chi tf r om cor ona vi r ust owar dl andl or dsandl ender s .Andevengi ven bal anced r el i ef f or r ent er s and owner s ,t her e ar es t i l l ci r cums t ancesunderwhi chl andl or dsmi ghtneedt opur s ue evi ct i ons .Landl or ds ha ve t ot ak e act i on when t enant s engage i n uns af e or cr i mi nal act i vi t i es t hat t hr eat en t hems el ves ,ot hert enant s ,ort hepr oper t i est hey’ r er ent i ng.

Ri ghtnow,ata t i me when t he count r yi ss pi r al i ng i nt o r eces s i on,l andl or dsbyandl ar gepr obabl yar en’ tl ooki ngt o evi ctt enant si nor dert ohi k er ent s .

“ I fyout hi nkabouti t ,i nt hi senvi r onment , i fyouevi cts omeonet oda y ,whodoyou t hi nki sgoi ng t ot ak et hei rpl ace? ”s a ys Car olGal ant e,f acul t y di r ect or f or t he Ter nerCent erf orHous i ng I nnovat i onat t he Uni ver s i t y of Cal i f or ni aBer k el ey . “ Peopl e ar e notmovi ng ar ound i nt he mar k etr i ghtnow.Peopl e ar ef r oz en i n pl ace. ” Ef f or t s by t op pol i cymak er st o s t al l evi ct i onsandf or ecl os ur escanonl yr each s o many r ent er s or r ent al pr oper t y owner s .The f r eez e on f or ecl os ur es f or mor t gages i ns ur ed by t he Feder al Hous i ng Admi ni s t r at i on, f or exampl e, appl i es t o mor et han 8 mi l l i on homes .

Anot heror dert os us pend evi ct i onsand f or ecl os ur es f or mor t gages back ed by Fanni eMaeandFr eddi eMacappl i est ot he l i on’ ss har eofs i ngl ef ami l yhomes .That ’ s good news f or homeowner s , but i t does n’ tcovermanyr ent er s .Ont hatf r ont , Fanni eMaeandFr eddi eMacar eext endi ng t gage f or bear ance t o mul t i f ami l y mor pr oper t yowner s ,pr ovi dedt heypr omi s e nott oevi ctanyt enant s .Bet t ernewsf or apar t mentr es i dent sandpr oper t yowner s al i k e,al t hough as of2018,Fanni e and Fr eddi e onl y hol d 39% of mul t i f ami l y l oans . t hes emar k et s .

Meanwhi l e,manyci t yand s t at el eader s ar e us i ng emer gency power st o hi tt he br ak es on evi ct i ons ,f ul ls t op.To t he ext entt hatt hes e or der sar el egal ,t hey appl y acr os st he boar d, whet her t he owner s of t he r ent al uni t s ha ve gover nment back ednot esornot .I ft hes e l ocal l eader sdon’ tal s opaus ef or ecl os ur es oncommer ci all oans— ass ome,butnot al l ,ha ve done — t hen r ent alpr oper t y owner s ex cl uded f r om t he cor ona vi r us pr ot ect i ons coul d be s t uck hol di ng t he t i ck et .Landl or ds ar en’ tcal l i ng f oul ,but t heyar eas ki ngf orhel p. “ To mai nt ai nas t abl e economy , ”t he i ndus t r yl et t ert o Congr es sr eads ,“ we bel i eve t hat t ar get ed f eder al financi al gover nmentas s i s t edr el i efs houl dal s obe

bepr ovi dedt ot hem dur i ngt hi st i meofcr i s i sandt hatanydi s r upt i onst ot henor mal financi al flows ,notbe di s pr opor t i onal l y bor ne by anyone i nt he pr oces s-r ent er s ,pr oper t y owner s ,s er vi cer s ,l ender sor mor t gages ecur i t i z er s . ” spar t ,Whi t ak er ,t heDa yt onpr oper t ymanager ,s a yst hathedoes n’ texpectcor ona vi r ust ot ouchhi s Forhi bot t om l i ne.Hes ur veyedhi st enant s ,hes a ys ,andnoneoft het enant swhor epl i edt ohi semai lr epor t ed anyj obl os s esasofFr i da y .“ Cal l mebacki n60da ysandI ma yha veadi f f er entcomment-I don’ ts ees t r es s onmycompanyort het enant swer entt o, ”Whi t ak ers a ys .“ Ourmai nt enances t af fi sf ul lt i me.Wewer e ex empt edf r om t hes hel t er i npl acer ul ei nOhi o,becaus eweha vet opr ovi deas er vi ce,whet heri t ’ sr out i ne mai nt enanceorcl eani nghal l wa ysordoi ngt hedr ai nsorwhat ever . ”

Thebes twa yt opr ot ectt enant sma ybet oens ur et heygetwhat everai dt heyneeds ot heycanpa yt hei r r entont i me.

Thi si sul t i mat el yt hebes tappr oacht ohel pl andl or ds ,t oo.I fCongr es sf ai l st ot ak es uf fici ent act i ont os uppl ementl os ti ncomesf orvul ner abl er ent er s ,t henr ent er swhof al l behi ndma yf aceevi ct i oni fnotnow,t henevent ual l y .Byt hes amet ok en,momandpopl andl or dscoul dbeoutoft hei rapar t ment bui l di ngs ,t oo.

ButnotWhi t ak er .Hes oundss ur pr i s i ngl yopt i mi s t i cabouthow t hepandemi cwi l laf f ecthi sout l ooki n Da yt on,Cl evel and,Akr on,J acks onvi l l e,andt heot herci t i eswher eWhi t ak erPr oper t i esoper at es . hel as tr eces s i on,youhadal otofpeopl el os et hei rhomes .Lot soff or ecl os ur es , ”Whi t ak ers a ys .“ [ My “ I nt par t ner sandI ]ar epr epar i ngt obuypr oper t i esatdi r t cheappr i ces ,t henhol dt hem unt i l t heeconomyget s back,r emodel t hem,what everweha vet odot ogett hem backont he[ r ent al ]mar k et . ”Headds ,“ I tma ynot beni cet os a y ,butt hi si sbus i nes s . ”

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i s neces s ar y-par t i cul ar l yf ort hos e who do notpr es ent l yr ecei ve f eder alhous i ng as s i s t ancebutnow findt hems el vesneedi ngi t . y ,att heur gi ngofNMHC andNAA,Congr es spr ovi dedmor t gagef or bear ancef or Fi nal l mul t i f ami l y pr oper t y owner s negat i vel yi mpact ed by t he COVI D19 out br eak.The l egi s l at i on,however ,onl ypr ovi dest hi sr el i eft oowner swi t hf eder al l yback edmor t gages , s uchast hos et hr ought heFeder alHous i ngAdmi ni s t r at i on( FHA) ,Fanni eMaeandFr eddi e Mac.Thi s pr ot ect i on needs t o be expanded t o al lt ypes ofmor t gages .Owner s and oper at or sar et as k edwi t hens ur i ngt hevi abi l i t yofapar t mentcommuni t i es .They ,t oo,ar e exper i enci ngfinanci alhar ds hi pss omet i mest enf ol dasr ent er si nt hecommuni t i esacr os s t hecount r ys t r uggl e.

Fur t her ,t hepr ovi s i onl i mi t sf or bear ancet oa90da yt i meper i od,whi chi soutofal i gnment wi t ht he120da yevi ct i onmor at or i um.Unl es si ti sfix ed,t hi sdi s connectcoul dr es ul ti na mas swa veoffinanci al del i nquenci esanddef aul t sf r om r ent al hous i ngpr ovi der sofal l t ypes ands i z es ,j eopar di z i ngt hes t abi l i t yofent i r ecommuni t i es .

Ast hecount r ymovesf or war d, t her ewi l l bes i gni ficantuncer t ai nt yandgr owi ngchal l enges .

NMHCandNAAar ecommi t t edt owor ki ngwi t hCongr es st oaddr es st hecont i nuedneed f orr el i efasout l i nedaboveandens ur eapar t mentr es i dent sandt hei ndus t r yar es uppor t ed andpr ot ect edi nf ut ur el egi s l at i on.

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AGENCI ESAREPUSHI NG UPFLOORSAND SPREADSt ohedgeagai ns tvol at i l i t yandpot ent i al l yf earof bl owi ngt hr ought hei rcapsbecaus eoft hekneej er ki nundat i onofl oanappl i cat i onswhen10yeart r eas ur y yi el dsbr okebel ow 1.

00%.Today,Mar ch16t h,2020,Fanni eandFr eddi epus hedupbas el i nes pr eadswhi l e Fanni ehel di t s90bpt r eas ur yfloorandFr eddi er emai nsatt hegr eat erof75bpsor15f r om t het r eas ur yat t i meofquot e.Fr eddi eSBLi ncr eas edcouponsby25bpsacr os st heboar dt hi smor ni ngaswel l .

MULTI FAMI LYPROPERTYBUYERSMAYGETSPOOKED,we’ veal r eadys eent hi s ,whi chcoul dcr eat ea wi deni ngbet weenas ki ngpr i cesandbi dsanda( t empor ar y)r educt i oni nmar ketl i qui di t yandt r ans act i on vel oci t ypos s i bl yl eadi ngt opr i cer educt i ons .

THEUNKNOWN GGESTI SSUEI NMYOPI NI ONI STHEUNKNOWN.I ti st heel ementofuncer t ai nt yt hati sdr i vi ngup THEBI t hepr i ceofs over ei gndebtanddr i vi ngdownyi el d.I t ’ swhat ’ scaus i ngafli ghtf r om equi t i es .I t ’ swhat pus hesoutcr edi ts pr eadsandi t ' swhatkeepsever yoneons el f -orgover nment i mpos edquar ant i ne.As t hegr eatmi ndsofourgener at i onputt hei rheadst oget herand aggr egat edat a,t hi suncer t ai nt ywi l l i nevi t abl ypas s .Thi si snott os ayt hatwewi l lnothaveabi gpr obl em onourhands .I ti st os ayt hataswe cont i nuet oaggr egat eandt r ans l at et hedat a,wewi l lknow bet t erwhatwear edeal i ngwi t handhave s uf fici entevi dencet ocr eat eanact i onabl epl an.Aswebecomemor ei nf or med,pani cwi l lber epl acedby pr udentpr ecaut i on.

WHATARETHEREPERCUSSI ONSOFCONTI NUED QE( QUANTI TATI VEEASI NG) ?I st hi snextr oundof QEs uf fici entt ohel pust hr ought hi ss udden,wor l dwi deeconomi cbot t l eneck?Ican’ ti magi nei ti s .What ar et hel ongt er mi mpact soft hecont i nuedpr i nt i ngofmoneyandt hr owi ngi tatourpr obl ems ?Wedon’ t r eal l y have ar ef er ence poi nt .Thi ss over ei gn debtbubbl ei sanew t hi ng.The wor d bubbl ei squi t e i nt ent i onal l ychos enher e.Agai n,I ’ m notaneconomi s t ,butIf eell i kemor et hanaf ew count r i esi nSout h Amer i cahavet r i edpr i nt i ngt hei rwayoutofeconomi ccycl es… how di dt hatgo?Iam nots ayi ngt hi si san appl est oappl escompar i s on,i tf eel sl i keor angesandt anger i nes ?Bot ani s t s ,f or gi vet hecr udemet aphor .

THEFEDI SOUTOFBULLETS.That100BPdr opwasourl as tpi eceofl i kel ymeani ngf ulammuni t i oni nt he f aceofar eces s i on.

Nowwhatcant heFedandt heUSgover nmentdoi fwef acear eal , l ongt er mr eces s i on?

I don’ tneces s ar i l yf aul tt hem ( ornotf aul tt hem)f ort hi sQEandr at ecut t i ngdeci s i onbutI dowonderi fi t ’ s t heus eofas l edgehammeri nl i euofas cal pel ,orasI ’ vement i onedi not herpos t sandar t i cl es ,pus hi nga s t r i ng.Wi l lwebef or cedt onegat i vei nt er es tr at esi nt hef ut ur e?Negat i vei nt er es tr at esdi dnothavet he des i r edef f ecti nJ apan.

WHATNOW? Wel l ,f ors t ar t er s ,was hyourhandsanddon’ ts neez eonanyone,r i ght ?Idon’ twantt ogi veanydi r ect advi cebutI ’ dl i ket os har es omeanecdot alnot es .Mar ket sr uni ncycl es ,i r r at i onalexuber ancei sof t en f ol l owedbys i mi l ar l yi r r at i onalpani c.I fyou’ r ei nequi t ymar ket s ,t hebul kofusnor malhumanshavet hi s wei r dt enancyt obuyt opsands el lbot t oms .Overt i me( andIcer t ai nl ycan’ ts ayhow l ongi twi l lt ake)t hi s t oos hal l pas s .I fyou’ r et hi nki ngaboutr efinanci ngmul t i f ami l yorcommer ci al r eal es t at edebt ,r at esmaybe hi ghert hant heywer eamont hort woagowi t hagenci es ,andl owerwi t hFHAandbanks .Theymaybe s t at i c.Thepr i mar yt hi ngr i ghtnow t hati ss t at i ct houghi st hever ynons t at i cnat ur eofcr edi tmar ket s .I ’ d pr obabl ybepul l i ngt het r i ggerons omet hi ngi ft her ei sal oomi ngmat ur i t yaf oot .Wedon’ tknow how l ong t hi swi l ll as tort hemedi umt er mr eper cus s i onsoncapi t almar ket s .I fyouhaveagooddealandyou’ r e wai t i ngf ort hebes tr at eever ,youmayj us twantt ogoaheadwi t hi tbecaus ei ft omor r ow i sunknowabl e, s oi sQ2… andQ3.

Fi nal l y,ber es pons i bl ebutdon’ tpani c.

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EVI CTI ONMORATORI UMSABOUND Manys t at es ,ci t i esandcount i esar oundt heU. S.ha vei mpl ement edevi ct i onmor at or i umsr angi ngf r om 30 t o90da yswi t ht heLosAngel esCi t yCounci l cons i der i ngi ncr eas i ngt heevi ct i onmor at or i um t o12mont hs .

HUDi sal s ocons i der i nganevi ct i onmor at or i um.LosAngel esMa yorEr i cGar cet t i i s s uedanex ecut i veor der gi vi ngt enant supt os i xmont hsf ol l owi ngexpi r at i onoft hel ocalemer gencyper i odt or epa ybackr ent .

Ther ear eCongr es s i onal bi l l sl ooki ngataf eder al r ul eaboutevi ct i ons .

DougBi bby ,NMHCpr es i dent ,s ai dmember sar ewor r i edt hatr ent er swi l lus eevi ct i onmor at or i umsasa r ent er ’ shol i da y . “ Thi si saf ear ,ar ealf eari nourbus i nes s .Peopl et hi nk,Ican’ tbeevi ct ed.Iwon’ tpa ymyr ent , ”Bi bbyt ol d MHN.“ I ft her ei sanopenendedmor at or i um wi t houtanyguar dr ai l s ,I t hi nki t ’ sver ydanger ous . ” Bi bbyandPi nnegars ai dt hevas tnumber sofowner sofU. S.mul t i f ami l ypr oper t i esar emom andpops , i ndi vi dual owner sands mal l bus i nes s es ,nott hel ar geREI Ts . “ They ar et he onest hatwi l lgetcl obber ed and f or ced i nt o bankr upt cy i fyou ha ve bl ank etevi ct i on mor at or i umst hatgetcar r i ed on mont h af t ermont h, ”Bi bbys ai d.“ Theyha ve mor t gages .Theyha ve pr oper t yi ns ur ance.Theyha veut i l i t ypa yment sands oi ft her entdr i esup,t heycan’ tj us tt apt hepubl i c mar k et sl i k et heREI Tscan. ” Whi l ehes ai di t ’ si mpor t antt opr ot ectt her ent er s ,“ youcan’ tt i l tt hi ss of art hatyoudi s advant aget he owner / oper at ori nt hemi ddl e. ” Bot hBi bbyandPi nnegars a yt heyar el ooki ngf ormor ei nf or mat i ononamor t gagef or bear anceannounced t hi sweekbyt heFeder alHous i ngFi nanceAgency ,Fr eddi eMacandFanni eMaeandwantt oknow how f ar r eachi ngt hepl anwoul dbe.

Thenat i onwi der el i efpl anwoul dal l ow mul t i f ami l ybor r ower smor t gagef or bear anceof90da yswi t ht he condi t i ont heys us pendal levi ct i onsf orr ent er sunabl et opa yr entduet ot hei mpactoft hecor ona vi r us .

Mul t i f ami l yl andl or dswhos epr oper t i esar efinancedbyFr eddi eMacorFanni eMaef ul l yper f or mi ngl oans can def erpa yment s wi t ht he condi t i on t hey don’ tevi ctt enant s af f ect ed by COVI D19 dur i ng t he f or bear ance. r ect orMar kCal abr i as ai di nawr i t t ens t at ementt heGSEsar e“ wor ki ngwi t hmor t gages er vi cer st o FHFADi ens ur et hepr ogr amsar ei mpl ement edi mmedi at el ys ot hatpr oper t yowner sandr ent er sexper i enci ng har ds hi pbecaus eoft hecor ona vi r uscangett heas s i s t ancet heyneed. ”

VALUABLECOVI D19RELATEDLI NKS