Washington, D.C. – National Multifamily Housing Council (NMHC) President Doug Bibby and National Apartment Association (NAA) President and CEO Bob Pinnegar issued the following statement on the passage of a roughly $900 billion COVID relief package.
“NMHC and NAA congratulate Congressional leaders in both parties on the passage of a COVID relief package that will provide desperately needed support to millions of Americans who call an apartment home. We look forward to President Trump signing it into law.
“For the better part of a year, NMHC and NAA have been at the forefront of calling on policymakers to pass legislation which includes rental assistance as well as a number of other key priorities. While there remains much work to do in the coming weeks and months, this effort is clearly a step in the right direction and will come as welcome news for so many households facing financial distress. Importantly, this package includes:
- $25 billion in dedicated rental assistance
- $600 in direct stimulus checks
- $300 per week in enhanced unemployment benefits through March. Expiring unemployment programs for gig workers and long-term unemployed were also extended
- $284 billion for a second forgivable Paycheck Protection Program (PPP) loan
“We are heartened that the legislation includes such critical resources that will allow those impacted by COVID and resulting economic distress to meet their financial obligations, including rent. Unfortunately, it also extends the current CDC eviction moratorium until January 31, 2021. Eviction moratoriums fail to address a renter’s underlying financial distress and do not address housing instability. The resources provided in this package, as well as future support that will need to be extended in 2021, are essential to addressing apartment residents’ financial challenges – not interminable moratoriums.
“NMHC and NAA will continue to work with policymakers on future legislation to ensure that residents and housing providers have the support necessary to allow for a sustainable and equitable recovery. As part of that recovery, targeted and limited liability protections for apartment firms will be a critical component of future COVID packages.”
For more than 25 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered on behalf of America's apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of more than 156 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home.