WASHINGTON, D.C. (WTVQ/Press Release) – After hearing from constituents in their congressional districts, U.S. Congressmen and members of the House Committee on Financial Services, Andy Barr, R-Ky, Van Taylor, R-Tex., and Al Lawson, D-Fla., have introduced legislation to provide economic support to the commercial real estate market, especially for businesses with Commercial Mortgage-Backed Securities (CMBS) debt. H.R. 7809, the Helping Open Properties Endeavor (HOPE) Act works to protect millions of jobs across the nation by preventing commercial real estate, specifically to borrowers of commercial mortgages, according to the bill authors. “The COVID-19 pandemic and the ensuing government-imposed shutdown of the economy severely threatened the commercial real estate market,” Barr said. “The HOPE Act is a lifeline for commercial borrowers so they can stay in business, avoid foreclosure, keep their employees on staff and emerge intact on the other side of this crisis.” Specifically, the proposal provides borrowers of commercial mortgages, who have been hit the hardest economically by COVID-19, financial assistance through the HOPE Preferred Equity lending facility. Guaranteed by the Department of the Treasury, financial institutions will originate preferred equity instruments to borrowers. Click to read more at www.wtvq.com.