After much back and forth, Congress has approved the next round of stimulus relief for COVID-19.  

The entire Coronavirus stimulus package for equates to $900 Billion. 

$25 billion will be dedicated to rent relief. This equates to approximately 2.7% out of the $900 billion.

Many criticized the bill as being rushed into law. It is over 5,000 pages long and it was signed in the middle of the evening. Presumably without many lawmakers reading everything stipulated. 

One could argue pending and looming housing issues was one of the points that initiated the sense of urgency. 

According to the Wall Street Journal:

  1. The Eviction moratorium was set to expire at the end of 2020
  2. 2.4 – 5 million American Households were at risk of eviction.
  3. It’s estimated that $70 Billion is owed in back rent

The future prospects do not look promising as well. According to the US Census estimates: 

  1. 18% of current renters are behind on rent. That represents approximately 19 million people.
  2. 30% of renters said they had no confidence they would be able to pay next month’s rent.

How do you Leverage your piece of the $25 Billion?

The federal government will be channeling the relief monies through individual states. 

  1. New Jersey Waitlist – keep this link handy and check often. 
  2. New York Link – fill out application here/

If you are a landlord – you may consider passing these links on to your tenants before offering concessions. 

If you are a tenant looking for assistance, click the links above.

We have to assume that the $25 Billion will dry up quickly. It will likely be a game of speed, much like the other PPP monies and other programs. Best to get in early as soon as you can.

We will be checking the waitlist and availability of applications as well. If you’d like us to monitor this for you, send an email to [email protected] or a Direct Message.

Be well and Happy New Year!

COVID-19 Rent Relief – Rental Assistance for Landlord and Renters 

By Robert O’Keefe, ROK Realty
Broker of Record – Keller Williams Park Views
(201) 372-4084 (cell: text/call)
(201) 939-0050 (office)
[email protected]

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