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Funding available for tenants, landlords
Sydney Lake //October 7, 2020//
Funding available for tenants, landlords
Sydney Lake// October 7, 2020//
An additional $12 million in federal CARES Act funding will be directed to Virginia’s Rent and Mortgage Relief Program (RMRP) due to high demand for financial assistance with mortgages and rent payments.
First launched in June with $50 million in federal CARES Act funding, the program provides financial assistance through a one-time payment with the opportunity for renewal based on availability of funding, the household’s need for additional assistance and continued eligibility. It recently expanded to include financial assistance for landlords.
The additional funding will allow the Department of Housing and Community Development to continue the program until it can transition to a Community Development Block Grant funding stream through the CARES Act.
“We created this program because people need help to stay in their homes, especially when they are dealing with job and income losses because of this public health crisis and through no fault of their own,” Virginia Gov. Ralph Northam said in a statement. “We have seen high demand for the financial assistance provided through this program, which proves how much it needs to continue. A global pandemic is the worst time for Virginia families to face losing their homes, and we know that safe and stable housing is critical to helping people stay healthy as we continue to combat this virus.”
Eligible households must demonstrate difficulty in making rent or mortgage payments due to the pandemic. Monthly rent must be at or below 150% of fair market rents, and eligible households must have a gross household income at or below 80% of area median income.
The RMRP program is administered by the Department of Housing and Community Development (DHCD) through approximately 30 local and regional housing-related agencies. The state housing finance agency, Virginia Housing, will manage landlord-initiated applications.
The federal moratorium on evictions from the Centers for Disease Control and Prevention, which suspends eviction proceedings for households facing eviction due to unpaid rent, is in place through Dec. 31.
