Did you know... January 25, 2021

RENTAL ASSISTANCE – CARES ACT REVISITED

That assistance for rent is available to tenants and landlords through the CARES Act?

The Federal Emergency Rental Assistance Program provides for $25 billion in emergency rental assistance as of December 27, 2020.  These funds must be used for direct financial assistance for expenses related to housing including current and past due rent, utilities and home energy costs.

https://home.treasury.gov/policy-issues/cares/emergency-rental-assistance-program


The Washington State Department of Commerce’s Eviction Rent Assistance Program is funded with federal CARES Act funds and now funded rental subsidies programs in many counties across Washington.

King County has additional conditions the landlord must agree to in order to accept the subsidy. The landlord must agree to the conditions as follows:

  • Accept up to six months of rental assistance on behalf of the participating tenant at the lesser of either (a) 80 percent of the otherwise applicable total rent for three months; or (b) fair market rent for the three months.
  • Any rental debt owed by the tenant for more than three months must be forgiven. If rental debt is less than three months, assistance may be paid for past due and future rent up to three months not to extend beyond December 2020.
  • Not terminate or refuse to renew the participating tenant’s tenancy, absent good cause, until March 31, 2021.
  • Not raise rent on current tenant(s) served by this program until March 31, 2021.

https://kingcounty.gov/depts/community-human-services/COVID/eviction-prevention-rent-assistance.aspx

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.