The Consumer Financial Protection Bureau (CFPB) has launched a new website to help renters and housing providers find rental assistance to cover rent owed as a result of COVID-19. The website also makes it easier to find a rental assistance provider in a certain area.
The National Association of Realtors was invited by the White House to participate in a "call-to-action" to spread the word about this new resource, so Realtor members can repost this information to their own groups and social media accounts and get the word out. To further assist with the call-to-action, the White House has created a toolkit, which includes resources such as sample emails, posts, images, and videos to help with the effort. Realtors can avail themselves of these resources and share them with their networks, clients and anyone who can benefit from them.
NAR has also launched a new page at https://www.nar.realtor/political-advocacy/rental-assistance-resources with links to many rental assistance programs, including NAR's FAQ for housing providers, NAR's background/talking points on the end of the eviction moratorium, resources from the federal government (including the CFPB toolkit), and resources from other housing industry groups, such as the National Multifamily Housing Coalition, which includes tools for communicating with residents about rental assistance.
Rental assistance is available to help renters pay the rent they owe, and housing providers collect it so they can meet their financial obligations. Nearly every program allows housing providers to apply on behalf of their tenants (with their permission) and all can make direct payments to the housing provider on behalf of the tenant.
Housing providers should keep in mind that some state and local governments may still have their own eviction moratoria in place that may still be in effect. The Biden Administration reversed course and has issued a new eviction moratorium for another 60 days. Specifically, the new order covers COVID-19 impacted tenants living in "substantial" and "high" transmission counties (as determined by the CDC). There is also an income threshold of $99,000 for individuals, which is doubled for joint filers to be eligible.
California's own eviction moratorium is still in effect through the end of September and grants protections as long as tenants pay 25 percent of past due rent up to that point. After September, full rent must be paid going forward. Visit https://housing.ca.gov/ for more information about assistance.
"The impact of the pandemic has stretched out too long and deep that both housing providers and renters are in critical financial situations. We urged our clients who find themselves in this situation to please check these available resources," said Joanne Fraser, president of the Silicon Valley Association of Realtors.
Fraser noted landlords and tenants should make an effort to work together. Should there be concerns on either side, they should seek the advice of a qualified licensed attorney who specializes in landlord-tenant issues.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.