National Association of Realtors – Request to Congress for Funds to Assist Property Owners
On November 9, 2020, the National Association of Realtors (“NAR”) and a coalition of housing groups* sent a letter to Congress requesting that Congress take funds approved for COVID-19 relief and use them to help property owners hurt by the pandemic and eviction moratoriums.
The NAR and the coalition’s letter requests that Congress extend additional COVID-19 relief measures and fund a federal support program that protects our nation’s housing markets. The letter makes the following requests:
- Provide financial assistance to renters in need;
- Replace eviction moratoriums that will not solve our nation’s housing problems;
- Expand the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) to include all multifamily businesses;
- Provide full-year funding for Fiscal Year 2021 for the Department of Housing and Urban Development (HUD); and
- Provide funding for the Department of Agriculture’s rental assistance programs.
The NAR and the coalition’s biggest concern is that “housing providers will continue to suffer losses that strain their ability to continue operations,” and “many of these firms are small, family-owned businesses that will face an unrecoverable financial burden that could lead to the greatest rental housing crisis of our lifetime.”
Congress has not yet responded to the requests from NAR and the coalition. However, the groups remain hopeful that some type of additional relief will be granted. We will continue to provide updates as we receive them. Moorhead Real Estate Law Group is committed to assisting our clients and colleagues during this time. If you have questions or need assistance, please do not hesitate to contact us.
* Housing groups include: CCIM Institute, Council for Affordable and Rural Housing, Institute of Real Estate Management, Manufactured Housing Institute, Mortgage Bankers Association, National Affordable Housing Management Association, National Apartment Association, National Association of Affordable Housing Lenders, National Association of Home Builders, National Association of Housing Cooperatives, National Leased Housing Association, and the National Multifamily Housing Council.