April 3, 2020 Comments Off on D.C. Council Weighs Rent, Mortgage Relief Legislation Views: 809 D.C. News, Top Washington, D.C., Washington, D.C. News

D.C. Council Weighs Rent, Mortgage Relief Legislation

Order Reprints...

The D.C. Council will consider a bill next Tuesday that would provide some rent and mortgage relief for local businesses, tenants and homeowners who have been impacted by the economic fallout from the coronavirus, the Washington Business Journal reported.

Among other provisions, the legislation would create a “small retailer tax credit” to allow shops and restaurants to shrink their property tax burden by 10% of their annual rent payments, up to $10,000.

The council is weighing a separate program that would require mortgage lenders to set up some sort of payment program for borrowers—both residential and commercial—who can demonstrate coronavirus-inspired loss of revenue, the WBJ reported.

Specifically, it would allow borrowers to defer mortgage payments for up to 90 days after the state of emergency tied to the pandemic ends, and would ban lenders from assessing late fees or processing fees on those payments.

Read more at Washington Business JOunral

Connect With DC Council

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Tags: , ,

Comments are closed.

Send this to a friend