In May, the U.S. House of Representatives passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The bill, while intended to provide further relief to the American families and businesses harmed by COVID-19, presents both positives and negatives for the apartment industry and includes proposals ranging from a rental assistance fund to expanded mortgage forbearance to expanding the CARES Act eviction moratorium, among others.
The National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) sent a letter to House leadership warning of the severe, long-term consequences of the proposed expansion of the eviction moratorium while reiterating support for relief measures that benefit our industry and residents.
NAA and NMHC are working aggressively to ensure Congress understands the impacts of these federal policies on the apartment industry and its future. Residents continue to face financial challenges that may impede their ability to pay their rent, creating a ripple effect that will devastate local communities and further harm our national economy. Now more than ever, our industry needs relief to ensure that we can continue to provide safe housing to the 40 million Americans who call apartments home.
NAA members can learn more about these measures and the ways that they affect our industry here. We will continue to update you as this phase of relief legislation evolves. Please remember to check our frequently updated COVID-19 Guidance page for new information and resources.