COVID-19 Addendum to the Agreement of Sale

President Joe Biden recently announced an extension of the foreclosure moratorium and the forbearance period for mortgages backed by HUD, VA and USDA through June 30. Separately, the Federal Housing Finance Agency extended the foreclosure and eviction moratorium period until March 31, as well as forbearance period by three months for mortgages held by Fannie Mae and Freddie Mac.

Gov. Tom Wolf signed a fourth renewal of the COVID-19 emergency declaration, while President Joe Biden announced a 14-day window (Feb. 24-March 10) in which the Paycheck Protection Program will only be available to businesses of 20 employees or fewer.

According to survey results from Nextdoor, knowing as few as six neighbors reduces the likelihood of feeling lonely and is linked to lower depression social anxiety and financial concerns related to COVID-19.

Legislation creating the framework for distribution of $570 million in rental assistance funding was signed into law. The additional funding for Pennsylvania property owners and renters was provided in the second federal stimulus bill approved by Congress in late December.

Senate Bill 109 (Pittman, R-Indiana), which names the Department of Human Services as the administering agency to implement and oversee the $570 million allocated to the rental assistance program following the established federal guidelines, passed unanimously in the Senate on Wednesday and moved to the House.

At the request of President Joseph Biden, both the Center for Disease Control and Prevention eviction moratorium of renters, along with the U.S. Department of Housing and Urban Development and the U.S. Department of Agriculture foreclosure moratoriums are extended until at least March 31, while the U.S. Department of Veterans Affairs’ similar moratorium is extended through at least Feb. 28.