CLARK BARS UPDATE - AUGUST 19TH 2021
Clark & Walker, P.C. - Attorneys at Law
Date: August 19, 2021
By: Christopher R. Walker, Esq.
COVID-19 - CARES ACT COMMUNITIES REMINDER & NOTICE
Previously, we wrote to you concerning a change in the interpretation of the CARES Act done by HUD and FHFA which sought to require CARES Act covered properties to issue 30-day notices for non payment of rent for an undetermined period of time. We have and continue to recommend that clients use the 30-day notice that the Firm has made available to comply with these interpretations and interim rules. In the weeks that have followed we have sought clarification from the Arizona Supreme Court. We have presented them with a modified 30 day notice form and have suggested that we use this form which will allow properties that are covered by the CARES Act to file after the initial 5 day cure period (as prescribed by Arizona law) has expired but require that the writ of restitution in any judgment awarded not execute before the earlier of 30 days following the date the non-payment of rent notice was issued. Given this development we want to offer to our clients the opportunity to use this newly approved form to file their cases earlier with the understanding that the writ of restitution will not execute earlier than 30 days after the initial issuance of the non payment of rent case.
We realize there is a lot of information going back and forth on this topic and we have done our best to keep you all apprised of these changes. We hope that this is the last substantial change in the process and will continue to apprise you of any changes that we note coming from the court.
IMPORTANT REMINDER: CARES Act Covered Properties are those properties that have mortgages through Fannie Mae, Freddie Mac, USDA, HUD, VA, or belong to any of a number of subsidized housing programs. If you have questions as to whether or not your property is covered by the CARES Act you should contact your lender and obtain written confirmation as to the loan’s status.
NEW 5-30 NON-PAY FORM:
Click Here
If you have questions about this information, please consult with an attorney.
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