Comment Detail
Date: 06/01/23 First Name: Noel Last Name: Gill Email: ngill@nwrecc.org Organization Type: other Organization: Northwest Real Estate Capital Corp. Comment
I'll keep this short and to the point. Everyone has focused on families facing homelessness and this is critical to family stability. The issue not being addressed and creating instability and failure in our housing is non-payment of rent. Some families have chosen not to pay rent, the process is lengthy and cumbersome in many states and fair housing organizations are creating additional barriers. We've been unable to meet DSCR loan agreement requirements and are deferring maintenance and cutting hours to help keep multifamily communities operating for the families paying rent. There is little to no ERAP or eviction prevention for non-payment funding available, leaving multifamily providers facing non-performing assets and may further erode investors' confidence in multifamily affordable and workforce housing.
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