Without necessary relief, the industry faces dire economic circumstances that would devastate the stability, availability and affordability of the rental housing supply nationwide.
The National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) appreciate Congress and the Administration’s quick action on the Coronavirus Aid, and Economic Security Act (CARES Act). While many of its provisions are being implemented and relief is beginning to reach affected communities, it is clear from the huge toll the COVID-19 outbreak has had on our nation, further relief and recovery measures are needed.
The apartment industry continues to face dire economic circumstances that would devastate housing stability and the affordability, availability and quality of the rental housing supply nationwide. Congress must provide additional relief to renters and rental housing operators. NAA and NMHC are calling on lawmakers to act now and provide assistance to our nation’s 108 million renters and the 17.5 million workers the industry supports.
As the government extends nationwide social distancing protocols and implements stay-at-home orders, the apartment industry is on the front lines of responding to the COVID-19 outbreak in communities across the nation. Rental housing owners and operators take seriously their responsibility to ensure residents are safe and secure. We are working alongside public officials to put residents and employees at ease. Yet, as more residents face job loss or furloughs and are unable to fulfill rent obligations, many owners/operators fear they, too, will not be able to satisfy their own financial obligations required to operate their properties. The proposals above are crucial to mitigating this damage.
Today, NAA and NMHC called on Congress and the Administration to provide additional relief and assistance for America’s rental housing providers, industry professionals and their residents. In a joint letter, NAA and NMHC outlined a number of priorities for inclusion in the next COVID-19 relief package Congress is now considering:
- Create an Emergency Rental Assistance Program to help renter households who don’t currently receive federal rental subsidies but are now struggling to cover housing costs due to the COVID-19 crisis;
- Align the timelines of mortgage forbearance and eviction protections;
- Expand the SBA Paycheck Protection Program to include multifamily and student housing firms so they can protect their employees and operations;
- Provide critical tax relief for multifamily property owners; and
- Enact critical infrastructure programs to support economic recovery.
NAA and NMHC also joined with other real estate partners in a real estate coalition letter highlighting many of the same priorities detailed in NAA and NMHC’s joint letter.
The enormity of the challenges we are facing as a nation and as an industry are evolving on a daily or even hourly basis. NAA and NMHC are committed to working with lawmakers to provide the assistance necessary to meet the challenges of the COVID-19 crisis.
For more than 25 years, the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of more than 150 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home.