July 27, 2020
A coalition of nine industry groups, including The Real Estate Roundtable, wrote to the Senate Banking Committee recommending expansion of the Fed’s Main Street Lending Program (MSLP) for commercial real estate owners and tenants. The committee is reviewing the effectiveness of the MSLP and other Fed credit lending facilities launched amid the COVID-19 crisis.
The letter states, “As our members attempt to navigate the fall-out from this crisis, there is a deficiency of reasonably priced capital sources to address temporary liquidity deficits.
“Should impacted assets go into foreclosure, a downward spiral follows, affecting jobs, property values, investors at all levels (including pension funds), and state and local tax revenues,” according to the letter.
The letter is also signed by AHLA, the Asian American Hotel Owners Association, the CRE Finance Council, ICSC, Latino Hotel Association, Mortgage Bankers Association, NAIOP and the National Association of Black Hotel Owners, Operators and Developers.
For comments, questions or concerns, please contact Paul Bubny