Updated: Mar 14
We are going on ten months into the COVID pandemic, and it has affected me, millions of landlords, and over 34 million tenants. It has affected the tenants who need to pay their rent, which allows the landlords to pay their mortgage. Trying times have required my business partner and me to get creative. Government-funded housing programs (and vacancy savings) is a saving grace for my rental properties, and I want to share with you the programs I've used and researched to help you keep your monthly cash flow from being affected due to non-paying tenants or tenants who need financial help.
Rentassistance.us provides rental assistance programs in each city and state that applies to you. This is an excellent resource for you and your tenant. Call (or go to their websites) the local rental assistance programs in your area that this website provides and educate you and your tenant so that both of you can be taken care of. You can find a listing, contact an agency and apply for assistance right at the bottom of the homepage. This website has 2791 agencies listed and gained 569,998 members over the last ten years.
ForKids (Hampton Roads Virginia Area)
I used this one as an example even though it is limited to Virginia's southeastern part due to my tenants using this company. ForKids is a blank lank.... that assesses families through their Housing Crisis Hotline and then refers to shelter and housing services. Due to contributions of government and community funding Forkids can support families in the Hampton Roads area. This program provides Rapid Rehousing, when ForKids provides housing with rental assistance through various local, state, and federal programs. The Rapid Rehousing program stabilizes families within the community over nine months. Forkids also supports families with disabilities and veterans in assisted living. I have had three tenants use ForKids for rental assistance. Based on the tenant's situation, ForKids will provide a double security deposit plus the first month's rent and pay up to 6-12 months in full or a substantial amount of the total rent.
United States Department of Housing and Urban Development
United States of Housing and Urban Development (HUD) provides rental assistance for privately owned subsidized housing, public housing, and a housing choice voucher (Section 8 voucher), allowing you to pick a house of your choosing. This program is also for low income, elderly and disabled people who require rental assistance. You can also get information on how to list your property for voucher holders on the HUD website. Inspections and requirements vary on location. This is one of the more popular programs landlords use in order to insulate their real estate business and continue cash flow.
These programs are a win/win for both tenants and landlords. One of the most significant issues over the last year has been tenants being able to afford rent and landlords having to cover the expenses. As you learn the ropes of being a landlord, you learn to insulate your real estate business from unexpected issues. The COVID-19 pandemic is one of those unforeseen issues. Creating the opportunity for your rental unit to be rental assistance approved can protect your business from feeling negativity impacted by recessions or pandemics. There are plenty of assistance programs out there that can help you, your tenants, and people you may know who are in need. Share this article with others; you just may be saving someone from being homeless and a landlord from foreclosing on their rental property.
If you would like to donate to help families from being evicted, you can visit Just Shelter.
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