One of President Biden's first orders of business was to extend the Eviction Moratorium till March 2021. The moratorium was previously supposed to expire at the end of January.
Nearly 14 million are behind on their rent payments. We are getting calls from both tenants and landlords relating to the stress and anxiety this is causing both sides.
NAR and other industry groups have argued that a federal eviction moratorium without rental assistance
would lead to a crisis in which housing providers couldn’t cover their costs and tenants would fall further and further behind in payments. See article here
While the rule may temporarily assist struggling renters, it fails to help landlords who must still make their payments and obligations on properties, real estate professionals say. The National Association of REALTORS®, along with other housing leaders,
have voiced concern about the moratorium.
It applies to renters who earn less than $99,000 a year. Renters also must certify that they are unable to pay their rent due to the coronavirus crisis. When the moratorium expires, renters who received protection will need to make up the missed payments
to their landlords.
Previous eviction moratoriums applied to only properties with federally backed mortgages from Fannie Mae and Freddie Mac. However, this moratorium applies to all rental units in the U.S., administration officials said.
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