14
Apr
Further Relief Needed from COVID-19 for Renters and Housing Providers
The $2.2 trillion coronavirus relief package of the Coronavirus Aid, Relief, and Economic Security (CARES) Act included many strong provisions for the housing industry, such as small business loans to support operations, tax credits to help retain employees through the downturn, new banking provisions and mortgage forbearance.
However, housing providers, their employees and their residents will need additional economic relief to help avoid significant, long-term damage to the housing sector.
Specifically, NAHB and other real estate providers are asking Congress to:
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- Provide direct rental payment assistance to multifamily properties on behalf of renters impacted by COVID-19.
- Expand federal mortgage forbearance for multifamily properties.
- Limit the eviction moratorium provisions to COVID-19.
- Expand the Small Business Administration’s Paycheck Protection Program so all housing firms are eligible for relief.