{"id":4617,"date":"2021-01-11T15:07:31","date_gmt":"2021-01-11T21:07:31","guid":{"rendered":"https:\/\/nwfl4sale.com\/when-will-that-25b-get-to-renters-and-landlords\/"},"modified":"2021-01-11T15:07:31","modified_gmt":"2021-01-11T21:07:31","slug":"when-will-that-25b-get-to-renters-and-landlords","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/when-will-that-25b-get-to-renters-and-landlords\/","title":{"rendered":"When Will That $25B Get to Renters and Landlords?"},"content":{"rendered":"
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It will probably take several more weeks for newly approved rental assistance to trickle down and cover tenants\u2019 past-due rents. Fla. will likely receive about $1.4B. It\u2019s not enough, but it should cover the past-due rent balances ($6,000 each) for more than 200K Fla. households.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON \u2013 Sorry, it\u2019s going to take several more weeks for that rental assistance approved by Congress and the president to start trickling down to help cover tenants\u2019 past-due rents.<\/span><\/span><\/p>\n Surprised? You shouldn\u2019t be, considering how long it has taken the federal government to get stimulus checks into people\u2019s bank accounts or how screwed up the state\u2019s unemployment system remains nearly a year after the pandemic began.<\/span><\/span><\/p>\n Renters and landlords counting on accessing the $25 billion in rental assistance money can do little at the moment but wait for the gears of bureaucracy to slowly grind along.<\/span><\/span><\/p>\n The money can\u2019t get here soon enough for Paula Prentiss and her daughter Jasmyn. Both women have suffered severe loss of income during the pandemic. Shifts dried up at the restaurant where Paula worked as a server while money Jasmyn earned making costumes for cosplay gatherings disappeared as gatherings were canceled. Today she earns enough money for food and utilities, but not rent, answering the phone for a local call center.<\/span><\/span><\/p>\n They\u2019ve been unable to pay rent on their Margate apartment since August. In September, their landlord filed suit in Broward County Court to evict them. A nationwide eviction moratorium ordered by the U.S. Centers for Disease Control and Prevention is all that\u2019s preventing a judge from signing a final order returning the property to the landlord. Thousands of other South Florida renters are in the same situation.<\/span><\/span><\/p>\n \u201cIt\u2019s been a very stressful few months,\u201d Paula Prentiss said. \u201cGetting help to pay our past-due rent could definitely help us out.\u201d<\/span><\/span><\/p>\n The money will get here. It\u2019s just a question of when.<\/span><\/span><\/p>\n Of the $25 billion, Florida is likely to receive $1.4 billion, according to estimates by the National Low Income Housing Coalition. That would pay down past-due rent balances of $6,000 each for more than 200,000 Florida households.<\/span><\/span><\/p>\n Moody\u2019s Analytics, a data firm, estimates that 11.4 million U.S. households that are behind on their rent owe an average of $6,000 each. Most of the debt was accrued after enhanced unemployment payments expired last summer, the firm said.<\/span><\/span><\/p>\n If distributed based on population, Broward, Palm Beach and Miami-Dade counties should receive a combined $402 million \u2013 enough to wipe out $6,000 balances for at least 60,000 households.<\/span><\/span><\/p>\n That won\u2019t be enough to solve the problem, experts say.<\/span><\/span><\/p>\n Stout, an analytics firm, estimates between 187,000 and 391,000 renter households in Florida would be at risk of eviction if the CDC\u2019s eviction moratorium expires on Jan. 31.<\/span><\/span><\/p>\n Moody\u2019s Analytics estimates that U.S. renters might be as much as $70 billion past due. Advocates for renters and property owners have been asking since last spring for $100 billion to get tenants through the pandemic.<\/span><\/span><\/p>\n But the $25 billion will still go a long way toward preventing millions of tenants from ending up homeless, where they would be at greater risk of catching and spreading COVID-19, said Sara Saadian, vice president of public policy for the National Low Income Housing Coalition.<\/span><\/span><\/p>\n The bill was written with provisions \u201cto ensure the money will be going to those who need it the most and for states to get it out more efficiently,\u201d she said.<\/span><\/span><\/p>\n Property owners will be allowed to play a more active role in applying for relief on behalf of their tenants and will even be able to bundle applications for multiple tenants as long as tenants provide required documentation of income loss and hardship, Saadian said. Once approved, the money will be paid directly to landlords in most cases.<\/span><\/span><\/p>\n Louis Mata, a spokesman for United Property Management, which manages more than 9,000 units in South Florida, says the company will begin reaching out to tenants as soon as it gets directions on how to apply.<\/span><\/span><\/p>\n \u201cWe\u2019ll certainly send notices to residents, through emails and posters at the properties, to help get the information to the folks. We\u2019ll tell them it will be first-come, first-serve, and that they have to get lined up and have their documents in order.\u201d<\/span><\/span><\/p>\n While his company has dozens of eviction cases awaiting the expiration of the CDC moratorium, Mata says it targets only tenants who stopped paying rent and refuse to discuss payment arrangements.<\/span><\/span><\/p>\n Qualifying for the new aid should be less cumbersome than it was for money earmarked for housing assistance under the first COVID-19 relief packages approved last spring.<\/span><\/span><\/p>\n This time, requirements are simpler. While funds are available, tenants can qualify for up to 12 months in past-due rent, plus three months for future rent if one or more household members meet this criteria: <\/span><\/span><\/p>\n Here\u2019s where the government\u2019s effort to distribute the $25 billion stands right now: This past week, the U.S. Treasury Department posted a form that states and local governments with populations of at least 200,000 residents must fill out and submit to be eligible to receive a portion of the money for their residents.<\/span><\/span><\/p>\n The deadline to return that form is Jan. 12. Then the Treasury Department will decide how much money will be distributed to each based on how many applications it receives. Agencies that will disburse the money, including the housing assistance programs within Broward, Palm Beach and Miami-Dade counties, will then find out what documentation will be required from households.<\/span><\/span><\/p>\n While large counties will get the money directly, smaller cities and counties will receive it through the state.<\/span><\/span><\/p>\n Gov. Ron DeSantis\u2019 office hasn\u2019t yet determined which state agency \u201cis best suited to administer the program in a manner that most expeditiously delivers the funds to Floridians who need it,\u201d press secretary Cody McCloud said in an email.<\/span><\/span><\/p>\n On the Treasury Department\u2019s website, Secretary Steve Mnuchin was quoted as saying the Emergency Rental Assistance Program was being implemented with \u201cunparalleled speed.\u201d<\/span><\/span><\/p>\n The bill gives the government 30 days after it was enacted to make the money available to state and local governments. President Trump signed it on Dec. 28, so housing assistance organizations in South Florida might not receive it until Jan. 28.<\/span><\/span><\/p>\n That means distribution of the money to those who need it likely won\u2019t begin until February \u2013 after the CDC moratorium is expected to expire.<\/span><\/span><\/p>\n But housing advocates expect the incoming Biden administration to extend it further. Saadian hopes it will drop the incremental extensions that have kept tenants in constant fear of imminent eviction and extend the moratorium through the end of the national emergency, whenever that comes.<\/span><\/span><\/p>\nThousands will get help<\/span><\/span><\/h3>\n
Landlords to help with applications<\/span><\/span><\/h3>\n
Who will qualify<\/span><\/span><\/h3>\n
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When will the money get here?<\/span><\/span><\/h3>\n