Colorado Apartment Association Partners with the Resident Relief Foundation
CAA will help create a financial relief for the state’s residents who are struggling to pay their rent.
The Colorado Apartment (CAA) has partnered with the Resident Relief Foundation (RRF) to create a financial relief fund that will directly help the state’s residents who are struggling to pay their rent because of coronavirus-related job or income loss or illness.
RRF is a 501(c)(3) nonprofit organization that provides rental assistance grants to responsible residents during temporary emergencies. The organization recently launched a national apartment industry fundraising initiative to raise $10 million for rent payment assistance caused by the coronavirus pandemic. CAA has joined the effort to bring this funding to Colorado and encourages anyone with the financial means to contribute to RRF’s Colorado fund and directly support fellow Colorado residents with upcoming rent obligations. To donate please visit www.ResidentReliefFoundation.org/Colorado
“Like many others across the country, Colorado residents are experiencing overwhelming financial pressure and desperately need help from those who are financially secure in their communities,” says Tina Oswald, Executive Director of RRF. “We have seen a huge increase in the number of inquiries and applications from Colorado residents. While many residents have received federal aid in the form of stimulus checks and unemployment, it’s clear that this will not be enough for some residents once repayment plans kick in and further relief efforts are needed.”
More than 90% of Colorado residents were able to pay their rent on time in April, but May and June could be a different story due to extended job losses. “We have to spread the word quickly to get this program off the ground, to both donors and residents who need the help” says Mark Williams, Executive Vice President of CAA. “The opportunity to support and give back specifically to those in need is critical, this program allows the funding to help those who have been responsible renters but have been directly impacted by the crisis.”
Residents who meet the program criteria can apply for partial-to-full rent payments if they have experienced virus-related income or job loss. The relief funds will be given on a first-come, first-serve basis, so qualified residents are encouraged to reach out as soon as they receive a demand for payment from the housing provider and realizes they are unable to meet repayment obligations.
“Everyone wins when residents stay in their homes and our industry is dedicated to ensuring Colorado residents have a safe and clean place to live,” says Scott Kirkwood, president of the Apartment Association of Metro Denver. “We are confident in the compassion and generosity of Colorado residents and housing providers and believe this initiative will help many people who are struggling.”