The possibility of federal income relief by the end of the year

Photo by Joshua Sukoff via Unsplash

Industry groups are hopeful that federal rent relief can reach the multifamily industry before the end of the year, when the CDC’s eviction moratorium and unemployment benefits approved in the CARES Act will expire.

The current interim spending bill, signed by President Trump in September, will expire on December 11. If a new bill is not passed before the deadline, there will be a government shutdown. Lawmakers on both sides of the aisle are currently working to secure a bipartisan agreement by the end of this week on the funding totals for a spending package of 12 bills that would prevent the shutdown from occurring.

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Leaders of both parties have said they would like to pass a blanket bill rather than an ongoing resolution that would only fund the government in the short term, but they have sent mixed messages on whether COVID-19 relief measures will be part of it. the legislation.

How could it happen

Industry groups are considering having a stimulus relief bill attached to the spending package during the lame duck session. According to Sarah Saadian, vice president for public policy at the National Low Income Housing Coalition, Congresswoman and Speaker of the House of Representatives Nancy Pelosi is “actively considering” the approach.

“There is an opportunity now for a COVID relief package before the end of the year,” said President and CEO of the National Low Income Housing Coalition Diane Yentel during the organization’s weekly call on November 10, He added that passing the package at a level that is necessary will be “difficult.”

“We have a lot of work ahead of us,” he said. “But the door has been opened and it is a possibility. So let’s push. “

Cindy chetti

NMHC Senior Vice President for Government Affairs Cindy Chetti said Multiple Housing News His organization has continued to push for more rent relief, and recently sent a letter written by several other real estate colleagues to Congress and the White House, urging them to join in on a stimulus package during the lame duck session. They focused their push on additional unemployment insurance, a rental assistance fund, and more PPE.

“It’s a bit puzzling of me because I think it’s hard to understand how Congress could stop doing something before the holidays or the end of the year to help people who are hurting,” Chetti said. “I am concerned that there does not appear to be either party willing to compromise at this time.”

Ohio Senator Sherrod Brown expressed concern during the NLIHC call last week that dozens of tenants have borrowed credit cards and used payday lenders to survive the pandemic, which could lead to further financial hardship in the future.

“Too many tenants are not complying with the CDC’s eviction order,” Brown said. “When it expires, many families will not be able to pay their rent or late payments. People should not have to fend for themselves without outside help in the midst of a once-in-a-lifetime pandemic. “


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