March 23, 2020
Amid the COVID-19 outbreak, the National Multifamily Housing Council (NMHC) recommends that apartment firms consider adopting the following principles to help America’s renters retain their housing during the crisis:
- Halt evictions for 90 days for those who can show they have been financially impacted by the COVID-19 pandemic.
- Avoid rent increases for 90 days to help residents weather the crisis.
- Create payment plans for residents who are unable to pay their rent because of the outbreak, and waive late fees for those residents.
- Identify governmental and community resources to help residents secure food, financial assistance and healthcare, and share that information with residents.
- Communicate to residents that it is a priority for the industry to partner with them to help them retain their housing.
- Develop a response plan for potential COVID-19 exposure.
Since most rental properties are owned by individuals and small businesses that have financial obligations, NMHC says Congress must extend mortgage forbearance to rental property owners and extend similar protections to other financial obligations such as insurance premiums, utility service payments and tax liabilities.
For comments, questions or concerns, please contact Paul Bubny