Reporter Jonathan Lansner contributed to this report.Rastriya Swatantra Party chair Rabi Lamichhane has yet again made headlines following his recent announcement of some programmes, with political watchers and critics terming them ‘immature’ and ‘populist’. Tenants may need to work out an arrangement to pay back the skipped rent. Banks have been willing to make some accommodations for credit card and other loan payments for those financially hurt by coronavirus.īut remember: While you may get temporary relief from eviction, rent is still due. If they qualify for unemployment, apply as soon as possible as the process takes time. Renters should be sure to take advantage of other relief programs as well to free up cash. If you live in federally-subsidized housing and your income has changed, you may qualify for a reduction in rent contact your housing authority to talk about income recertification. Some are willing to negotiate discounted or deferred payments. Reach out to your landlord or property owner if you are having financial difficulties to see if an agreement can be made. If possible, tenants should continue to pay rent. The COVID-19 Eviction Defense Project, a coalition of economic researchers and legal experts, estimates that 19 million to 23 million Americans are at risk for eviction by the end of September. A disproportionate number of renters are black, Hispanic and other minorities. They also cannot tap into the equity in their homes as a line of credit in case of an emergency. Renters tend to have lower incomes and to be more economically vulnerable than their homeowner counterparts. And about 31% of renters surveyed in June said they have little to no confidence they will be able to pay next month’s rent. Census data shows about 19% of renters were late or deferred their rent payments in May. Then came the pandemic, which hit renters particularly hard financially. At last count, one in four renters spent more than half their income on housing. The center reported in January that vacancy rates for rentals had hit the lowest level in decades, pushing up rent far faster than income. Renters already faced a dire situation before the pandemic hit, said Alexander Hermann, a researcher at the Harvard Joint Center for Housing Studies. The group, all in their early 20s, are looking for work but will have to move in with their families if they aren’t able to find jobs and face eviction. The five eventually used a GoFundMe campaign to raise the roughly $10,000 needed to pay the back rent for April through June plus the $2,500 bill due for July. Ultimately, they had to decide whether to use the money they did have to cover rent or food they chose to stop paying rent. Only two of them received relief checks from the federal government, one was receiving unemployment and two are still waiting on it. Shortly after the stay-at-home orders hit in California, Moore and his four roommates who live in San Francisco’s Treasure Island found themselves with no regular income. Sam Moore knows this pressure all too well. There is no agreement between the White House and Congress on a second federal relief package. But the extra $600 in unemployment benefits ceases at the end of July and local eviction moratoriums are expiring. People who rent have largely been able to survive the initial months of the pandemic helped by unemployment and federal relief checks. Yes, renters are nearing the end of their financial rope. could be headed toward historic dislocations of renters and business failures among apartment firms, exacerbating both unemployment and homelessness.” Without an extension or a direct renter assistance program, that NMHC has been calling for since the start of the pandemic, the U.S. “Unfortunately, there is a looming July 31 deadline when that aid ends. “It is clear that state and federal unemployment assistance benefits have served as a lifeline for renters, making it possible for them to pay their rent,” said Doug Bibby, the council’s president. That payment pace is down from 80.8% who had paid a month earlier and 79.7% a year ago.Īpartment List’s most recent housing payments survey of 4,000 American rental households shows 32% failed to make their full July housing payments on time, up from 30% in June. The National Multifamily Housing Council’s found 77.4% of apartment households made a full or partial rent payment by July 6 in its survey of 11.4 million units in apartment complexes nationwide. Two surveys show American renters continue to be under financial stress as pandemic-linked monetary help is coming to a possible end.
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