As Congress considers multiple relief packages in response to the COVID-10 (Coronavirus) crisis, NAR joined forces with other real estate industry groups to seek relief for multifamily properties. Some state and local governments are beginning to put eviction moratoriums in place to assist tenants who lose income during the crisis, and the Administration announced that it may take similar actions federally (for FHA-backed properties). The coalition letter acknowledges the need for and supports policies that keep tenants in their homes during this crisis, and urges Congress to make sure that there are proportionate protections in place for the property owners/landlords, who will face a loss of income if their tenants can't collect rent. Specifically, it includes:
- Supporting an emergency rental assistance fund, to help tenants meet housing-related financial obligation if they lose income during the crisis;
- Pointing out that evictions are the only mechanism for removing tenants who pose safety or security risks to other residents/the community, and cautioning against blanket eviction moratoriums that may include situations not related to COVID-19;
- Urging them to provide financial relief to rental property owners, specifically asking that any measure providing assistance to renters also provide support to rental property owners to mitigate the loss of rental income.
Please visit www.nar.realtor.coronavirus for frequent updates on government actions to mitigate this crisis and assist those impacted by it, as well as resources for our members.