The Biden administration announced on Tuesday that the COVID-19 mortgage forbearance and foreclosure protection program will extend through June 2021.
The measure will extend the foreclosure moratorium for homeowners and extend the mortgage payment forbearance enrollment date for borrowers until June 30.
"As millions of Americans face continued hardship from the COVID-19 pandemic, President Biden is continuing to take action to help keep individuals and families in their homes. The COVID-19 pandemic has triggered a housing affordability crisis. Today, 1 in 5 renters is behind on rent and just over 10 million homeowners are behind on mortgage payments," an official readout on the measure said.
The measure was due to expire at the end of March, and the extension means people will not be at risk of losing their homes if they cannot make their current payments. According to the statement, the extension will directly benefit 2.7 million homeowners who are receiving COVID-19 forbearance and extend forbearance availability for 11 million government-backed mortgages throughout the country.
Additionally, borrowers who enter forbearance on or before June 30 are offered up to six months of additional mortgage payment forbearance in three-month increments.
The measures are provided in part by a coordinated extension expansion by the Department of Housing and Urban Development, Department of Veterans Affairs, and Department of Agriculture.
"President Biden is committed to protecting homeownership and housing stability as America begins to turn a painful crisis into a robust recovery. Today's extended forbearance and foreclosure programs are an important step towards building stronger and more equitable communities," the statement read.