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  • Comment Detail

  • Date: 07/31/23
    First Name: Matt
    Last Name: Catanese
    Email: matt@investmentresources.net
    Organization Type: other
    Organization: IRC
  • Comment

    Just a few thoughts regarding what happened during covid. Everyone who was working received an additional $600 per week of unemployment benefits to help cover expenses during covid. Because you made a rule that no one could be kicked out people stopped paying their rent, which as you know once they are behind on payments that money is gone. Then the government funded programs through the local housing authority to cover rent for those who were behind.
    So if you were someone who did the right thing and paid your rent with the additional unemployment money you got nothing. If you were a bad person and kept the extra unemployment money and did not pay your rent, then the housing authority came in and paid your back rent with covid funds, thus rewarding bad behavior at taxpayer expense. I understand having rules to protect peoples rights and our company follows those rules very respectfully, but owners have rights as well to be paid timely or have the authority to quickly evict and replace non paying tenants. The lenders did not have any sense of humor if owners missed payments so why should tenants be able to get by with non payment. It is critical in this continuously decaying society that individuals, not the government, be responsible for themselves and for their actions. I sincerely believe that FHA insured mortgages provide a wonderful benefit to enhancing owners ability to provide quality affordable housing, but the "bill of rights" needs to be just as favorable to the owner as the tenant.

    Plese do not get involved in restricting rent increases. That is a market condition and does not need additional oversight. Trying to get involved in this will cause many issues for the program. Your lenders do a good job of completing physical inspections and following up on necessary repairs.