The $2.2 trillion coronavirus relief package of the Coronavirus Aid, Relief, and Economic Security (CARES) Act included many strong provisions for the housing industry, such as small business loans to support operations, tax credits to help retain employees through the downturn, new banking provisions and mortgage forbearance.
However, housing providers, their employees and their residents will need additional economic relief to help avoid significant, long-term damage to the housing sector.
Specifically, NAHB and other real estate providers are asking Congress to:
- Provide direct rental payment assistance to multifamily properties on behalf of renters impacted by COVID-19
- Expand federal mortgage forbearance for multifamily properties
- Limit the eviction moratorium provisions to COVID-19
- Expand the Small Business Administration’s Paycheck Protection Program so all housing firms are eligible for relief
Read the full coalition letter to Congress for details regarding these provisions.
NAHB members are encouraged to contact their members of Congress to educate them about the need for additional relief for both renters and housing operators in future COVID-19 stimulus and recovery packages. A template letter, available through BuilderLink, outlines the rental housing industry’s requests of Congress.
Visit nahb.org for more information on efforts to support the multifamily and affordable housing industries, and home builders across the board.