Help for landlords
The COVID-19 pandemic has caused money struggles for both renters and landlords. You’re an important part of the rental economy. If your rental income has fallen, you can take advantage of options to keep you in control of your property and your financial situation.
You may be entitled to recover rent through local programs
You may be hesitant to evict a tenant who owes back rent, especially considering the cost and hassle of the eviction process. Rental assistance can help cover rent your tenants owe. Whether you or your tenant completes the application, it helps both of you.
The federal government is distributing billions of dollars in COVID-19 rental assistance to landlords and tenants, through state and local programs around the country. Landlords can start the application process in most areas.
Where tenants can apply, they often need help from you to complete the application process and process your payment.
Federal rental assistance can generally cover up to 12 months of rent, as back rent or future rent paid up to three months at a time, depending on local rules and availability. Some emergency rental assistance programs have conditions. For instance, they may require you to waive late fees, forgive a portion of the rent, or agree not to evict because of nonpayment in the months that rent is covered. Other programs offer assistance without these qualifications.
Stay in control by working through all your options
You have options and applying for federal emergency rental assistance is a good first step. At the same time, don’t underestimate the power of an open conversation with your tenant about realistic ways you can continue your rental relationship.
Explore forbearance to pause your mortgage payments
Many homeowners are having trouble making their monthly mortgage payments. This includes property owners who depend on rental income to make ends meet. If it has become harder to pay your mortgage during the coronavirus pandemic, you may be eligible for forbearance. This is a temporary pause or reduction in your monthly mortgage payments. Some owners may be concerned about their credit. However, during the pandemic emergency, getting forbearance may not affect your credit.
Get expert help
Talk to a housing counselor
Be proactive. Talk with a local expert who can help you locate rental assistance programs in your area, understand your options as a property owner, and make an action plan. Contact a HUD-approved housing counseling agency in your area.