The Coronavirus crisis has changed our lives in many ways. Given the significant loss or reduction of income for millions of Americans, housing expenses may be difficult to make – both for tenants and property owners.
In an effort to ease some of the financial burden, the CARES (Coronavirus Aid, Relief, and Economic Security) Act was passed in late March. Among other things, this legislation imposes an eviction moratorium for 120 days, beginning on March 27th, and ending on July 25th, 2020.
While this can make it more difficult for investment property owners to pay their own expenses, there are some relief efforts in place for both investors and homeowners, as well. In order to learn more, the following resources can be accessed:
- Pandemic Guide for Real Estate Managers – The Institute of Real Estate Management (IREM) has created a guide for landlords and other real estate managers that outlines various COVID-19 pandemic action plans that can help to reduce the spread of the virus, as well as offering tips on how to move forward following the crisis.
- The United States Office of Housing and Urban Development (HUD) – HUD has created a Coronavirus-specific page on its website that provides links and phone numbers for additional guidance and information.
- Congressional Research Service – More in-depth details regarding the CARES Act Eviction Moratorium – including rental payment protections and qualifying properties – can also be found in this summary document.
- Executive Order on Foreclosures and Evictions – This executive order from the Florida Governor also provides key points regarding Florida housing during the COVID-19 pandemic – including foreclosures and evictions.
With so many changes happening with regard to the Coronavirus pandemic, you may not have the time that is necessary for managing your residential investment property(ies). With that in mind, teaming up with an experienced property manager could be a viable solution.
For more information on how a property management team can help, just contact us and we’ll be happy to provide you with additional details.