In November, the Institute of Real Estate Management joined the National Association of REALTORS® and other real estate industry organizations in asking every member of Congress to support additional assistance for renters and housing providers. In a letter to Senate and House leaders, the group urged Congress to provide immediate aid to renters through the Coronavirus Aid, Relief, and Economic Security Act, which created the Coronavirus Relief Fund. The letter cited a statistic from Moody’s Analytics estimating a $70-75 billion backlog in rent owed by January. The organizations recommended allowing state and local governments to use CRF funding through the first quarter of 2021, extending the 2020 year-end deadline. During that time, the group said, the industry will explore longer-term solutions to stabilize the sector. The groups also requested support for additional COVID relief measures.
Earlier in the fall, IREM leaders and representatives of the NAR met with members of the National Economic Council and White House Office of Domestic Policy Council to express concerns over an executive action to halt evictions through the end of the year. 2021 IREM President Chip Watts, CPM, communicated the need for a more sustainable long-term solution.
“Not only does the housing industry need a plan that provides the necessary help to housing providers,” Watts said, “but that plan needs to provide funds directly to property owners to ensure financial obligations are being met."