Dear MCAR member,

Please see the latest update below regarding water inspections, and news from C.A.R.

As always you can find this information and more on MCAR's COVID-19 Information and Resources page.

Please note, the MCAR office and staff phone line will be closed Monday, May 25 in observance of Memorial Day.

Please be safe and have a good holiday weekend!

Message from Paul Lord, Marina Coast Water District:
Because of the temporary COVID-19 Monterey County Shelter-In-Place restrictions, MCWD Staff is not conducting Water Conservation Certification inspection in person at this time. As an alternative, property Sellers, or their representative, are ask to contact the District Staff to inquire about the procedures to complete and submit a Water Conservation Self-Survey.

Marina Coast Water District
Water Conservation Department:
(831) 384-6131 ext.5905.

Message from Stephanie Locke, Monterey Peninsula Water Management District:
Most people can do the self-certification found here:
Many people are emailing us to get a copy of the previous inspection reports to see what the status is. The email is . I will either respond or forward the email to someone else to take care of it.
We are doing very limited inspections of vacant properties, especially if there is a permit to final or we have no record of the property. Email  and I will make a determination about the need for an inspection. If we don’t do an inspection, we will usually just grant an extension and then will follow up when we open up for inspections. 
We are issuing Water Permits online. The information is found at .
C.A.R. Releases Step-by-step Guides for the PPP Loan Forgiveness Application
C.A.R. has released two guides for members applying for the Paycheck Protection Program Loan Forgiveness. One guide is intended for  real estate firms and sole proprietors with employees , and the other is intended for  independent contractors and sole proprietors without employees .
FHFA Announces Payment Deferral as New Repayment Option for Homeowners in Forbearance Plans
To help homeowners who are in COVID-19 related forbearance, the Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac are making available a new payment deferral option. The payment deferral option allows borrowers, who are able to return to making their normal monthly mortgage payment, the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity.
FHFA Extends Foreclosure and Eviction Moratorium
To help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are extending their moratorium on foreclosures and evictions until at least June 30, 2020. The foreclosure moratorium applies to GSE-backed, single-family mortgages only. The current moratorium was set to expire on May 17.
Update on Coronavirus Market Impacts
Many indicators continue to show that California reached a bottom across a variety of areas in mid-April and has since begun to regain losses suffered in the immediate aftermath of the shelter in place orders. Significant progress has been made on the virus and the economy has begun to reopen at a gradual pace in many parts of the state. And yet, even as we begin to see this light at the end of the tunnel, it is important to remember that the impacts of this crisis have been severe. It will take time for the economy to heal, and while the direct impacts have begun to die down, the multiplier effects associated with things are likely to continue to play themselves out over the next few months. As such, home sales and prices are likely to get worse before they begin to improve.
All DRE Real Estate Exams Cancelled Through May 31 
The California Dept. of Real Estate announced that all real estate exams are cancelled through May 31, 2020. Examinees affected by these cancellations will be allowed to reschedule their cancelled exam dates using the DRE’s eLicensing system. Exam rescheduling fees will be waived for canceled exams. Examinees with questions or concerns regarding canceled exams can contact the DRE’s Licensing program at (877) 373-4542 or by email at .
A Fresh Perspective for Property Management
Now more than ever, understanding the challenges facing the rental industry is important. And if there’s one source that knows the property management world, it’s C.A.R. Visit the new Property Management and Leasing Resource Center to find the latest tools, articles, webinars, courses, and legal resources to help you grow a successful property management and leasing business.
Red Alert Update: Bill to Attack Mortgage Interest Deduction Dies
C.A.R. would like to thank everyone who Tweeted and called their legislators about AB 1905, a bill opposed by C.A.R. that would have dramatically limited mortgage interest deductibility on primary residences and would have abolished the mortgage interest deduction for second homes to create a Housing and Homeless Response Fund. AB 1905 was scheduled for a vote today, May 20, in the Assembly Housing Committee. At the last minute, the bill’s author, David Chiu, D-San Francisco, chose not to pursue the bill further and pulled the bill from today’s committee agenda. This was the only opportunity for the bill to be voted on, so it is effectively “dead” for this year.
C.A.R. was the only statewide organization opposing the bill.
California still finds itself with an unprecedented budget deficit. As the state’s budget continues to evolve, C.A.R. will be monitoring it to ensure that housing is not unfairly and disproportionately taxed to balance the budget.