Ensuring HOMES Act

To require any payments of principal or interest on a residential mortgage loan that are deferred during a COVID–19 emergency period to be due no earlier than the last day of the loan term, and for other purposes. 1. Short title This Act may be cited as the Ensuring Homeowner and Occupant Monetary Encouragement and Stability Act Ensuring HOMES Act 2. Treatment of deferred residential mortgage payments (a) In general With respect to any payments of principal or interest on a residential mortgage loan that are deferred during a COVID–19 emergency period (whether pursuant to Federal law or otherwise), the applicable holder or servicer of such loan may not require such payments to be due until the later of— (1) the last day of the loan term; or (2) the end of the deferral period. (b) Rule of construction Nothing in this section may be construed as prohibiting a borrower from making payments on a loan before the date specified under subsection (a). (c) Definitions In this section: (1) Residential mortgage loan The term residential mortgage loan (2) COVID–19 emergency period The term COVID–19 emergency period (A) begins upon a date that the President declares an emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 (B) ends upon the date of the termination by the Federal Emergency Management Administration of such emergency declaration. 3. Tenant Protection Program (a) In general The Secretary of Housing and Urban Development (in this section referred to as the Secretary (b) Loan details (1) Loan amount A loan provided under this section shall be in an amount equal to no more than half of the amount of rent that a landlord anticipates waiving during the applicable quarter. (2) Fees; interest The Secretary may not charge any fee in connection with a loan made under this section and may not charge interest on any such loan in an amount greater than 4 percent. (c) Loan forgiveness The Secretary shall forgive any loan made under this section to a landlord if— (1) the landlord permits each tenant of the landlord to extend any lease until the date that is 60 days after the end of the COVID–19 emergency period, if such lease would have terminated before such date; and (2) the landlord enters into an agreement with the Secretary under which the landlord will not evict any tenant until the date that is 60 days after the end of the COVID–19 emergency period. (d) COVID–19 emergency period defined In this section, the term COVID–19 emergency period (e) Authorization of appropriations There are authorized to be appropriated to the Secretary such sums as may be necessary to carry out this section. 4. Rules of application (a) Application to existing and new emergencies This Act shall apply to a COVID–19 emergency period (as defined under section 2) in existence on the date of enactment of this Act or beginning after the date of enactment of this Act. (b) Retroactive effect With respect to the COVID–19 emergency period in existence on the date of enactment of this Act, the provisions of this Act shall apply retroactively to actions taken beginning on the first day of such emergency period.

Summary: Ensuring Homeowner and Occupant Monetary Encouragement and Stability Act or the Ensuring HOMES Act This bill sets forth additional housing protections during the COVID-19 (i.e., coronavirus disease 2019) emergency period. Mortgage holders and lenders are prohibited from requiring payment on a mortgage deferred during the COVID-19 emergency period until the later of (1) the last day of the loan term, or (2) the end of the deferral period. The bill establishes the Tenant Protection Program that provides loans to landlords who waive rent during the COVID-19 emergency period. The bill also provides for forgiveness of these loans if the landlord provides lease extensions and agrees not to evict tenants. This bill applies retroactively to the beginning of the COVID-19 emergency period and applies to any future declared COVID-19 emergency period.