As we explained previously, the pandemic relief bill that has been approved by both Houses of Congress, but still awaits the President’s signature, contains good and bad for our nation’s market-rate residential landlords. From the article:
- It extends the CDC eviction moratorium through January 31, 2021 (and it is expected to be extended further from there under the Biden Administration).
- Tenants can qualify for up to 15 months of federal rental assistance.
- The criteria for qualification are not clear as of yet.
- This assistance partly will cover months of unpaid back rent, rewarding landlords who have not evicted during the COVID-19 pandemic. A landlord cannot get back rent if the tenant has already left.
- Rental assistance money will be distributed by states and cities.
- Renters will apply for the help, and the money will be sent directly to their landlords. If a landlord doesn’t cooperate, the tenant can access the funds directly.
- Renters looking for assistance can call 211 or go to the website www.211.org. It’s a confidential referral and information help line and web site.
So, the landscape will be changing soon very significantly in the relationship between landlord and tenant in the affordable housing sphere.
We will post more detail as it becomes available.
Contact Chris Finney (513.943.6655) if you have questions.