Helping Both Low-Income Renters and Landlords Weather COVID-19

Working Together Along with Nonprofit Providers Can Help Mitigate a Rental Crisis

We know that, not surprisingly, Cost Burdened Renters May Be At Further Risk Amid COVID-19.

Many cities across the country have enacted rent freezes and eviction moratoriums which have banned evictions for 30 days, Temporarily Banning Evictions Could Stem Spike in Homeless Numbers.  Some landlords are voluntarily allowing landlords to not pay their rent. But will happen when those 30 days expire?

If you are a landlord with affordable rental property or a service provider with low-income household clients or families you serve who are at risk of or who are experiencing homelessness, there is upcoming webinar which may be of interest to you.  On Tuesday, May 5, 2020 at 2:00 p.m., Enterprise will host a webinar on “How Affordable Housing and Nonprofit Service Providers Can Help Low-Wage Earners during Covid-19 and Beyond.”

The webinar discussion will cover solutions affordable housing that providers can implement to create more economic stability for residents with lower incomes. It will also cover the long-term economic impact Covid-19 will have on affordable housing.

The webinar will feature an introduction by Priscilla Almodovar, Enterprise Community Partners CEO, and an interview with Raphael Bostic, president and CEO of the Federal Reserve Bank of Atlanta. Renee Lewis Glover of The Catalyst Group, LLC and Shekar Narasimhan of Beekman Advisors, Inc. will moderate the webinar.

In a new report released this month by The Urban Institute, “Avoiding a COVID-19 Disaster for Renters and the Housing Market,” states that

“The coronavirus does not discriminate on where someone lives and will affect the 44 million renter households just as much as homeowners and will affect renters in single-family houses as much as those living in multifamily buildings. Although homeowners need support during this challenging time, renters tend to have lower incomes than homeowners and little to no savings to tide them over through the income disruption that stay-at-home policies and mass layoffs are going to impose.”

If property owners of affordable housing stop receiving rent, how will they cover their expenses? What will happen if landlords of affordable housing are forced to cut back on maintenance which could endanger the health and safety of renters? Or in a far worse case scenario, what happens if they must make the difficult decision to sell their rental properties?

These unanswered questions are precisely why it is so critical that affordable housing and nonprofit service providers to discuss solutions to help the immediate problems faced by low-income households renters during Covid-19. We also need a more long-term strategy to help low-income renters in what will certainly be a slow recover for America’s low-wage earners.