CoViD-19 Resources for the Multifamily Sector
In a previous post, we talked about how the multifamily industry is still thriving despite the onslaught brought on by the COVID-19 pandemic. The effects, it seems, have been minimal but investors and property owners will still need to cooperate closely with government institutions.
Arbrook Realty is constantly monitoring developments as they unfold. And while the country is on the verge of recovering from the effects of the pandemic, we are doing our part in sharing these valuable resources for everyone in the multifamily sector:
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How can multifamily property owners navigate the post-CoViD-19 rental market? There are certainly a lot of factors to consider along these lines, but the American Land Title Association has published its Disaster Recovery and Business Continuity Plan which can prove useful in future crises.
2. Communication Tools
Constant communication between landlords and renters is vital in these uncertain times, so it is only important for multifamily property owners to reach out to residents who may want to avail of federal assistance and rent relief. Check out this list of tools from the National Multifamily Housing Council (NMHC):
3. Tracking Rent Payments
A majority of renters are still unable to pay their dues on account of widespread layoffs. And despite the economic effects of the pandemic, there are still multifamily renters who manage to pay their rent on time. This would explain the fact that 80.8% of rent payments were rendered. For a full view of rent payment figures, here’s a tracker from the NHMC:
4. HUD Guidelines
In these difficult times, certain adjustments are needed to keep tenants financially afloat. This would mean offering alternative rent payment schemes as well as adopting an emergency management plan, especially in cases where a tenant contracts the virus. For this, HUD has released an FAQ detailing how property owners, especially those with affordable assets, can become fully equipped with necessary information:
5. Support for Renters
Renters living in properties financed through Freddie Mac or Fannie Mae are entitled to an eviction moratorium. On top of that, renters can also work with HUD-approved financial counselors who can provide advice that aligns with their needs. To learn more about these interventions, click on the link below for FAQs from the Federal Housing Finance Agency:
6. Tax Relief
Property owners who are unable to pay taxes due to loss of income can breathe a sigh of relief after the Internal Revenue Service announced that it is extending its deadline for tax payments. Sure enough, the agency has recently launched a section exclusive for coronavirus-related concerns. There, you can find new information about tax relief options as well as applications for exemptions. You can also refer to this guide on how you can manage your tax accounts before making payments to the US government:
No matter how uncertain things get in the multifamily real estate sector, there are ways for people in the industry to shield themselves from the brunt of the pandemic’s impact.
For more resources about the multifamily sector as well as everything you need to know about the impact of CoViD-19, check out the Arbrook Realty blog.