September 3, 2020
The Honorable Mitch McConnell
Majority Leader
U.S. Senate
Washington, DC 20510
Speaker Nancy Pelosi
House of Representatives
H-232, the Capitol
Washington, DC 20515
The Honorable Chuck Schumer
Minority Leader
U.S. Senate
Washington, DC 20510
Minority Leader Kevin McCarthy
House of Representatives
H-222, the Capitol
Washington, DC 20515
Dear Speaker Pelosi, Leader McConnell, Leader Schumer and Leader McCarthy:
The eviction moratorium imposed by the Administration, together with Congress’ failure to act on a robust emergency rental assistance plan, places the stability of the entire rental housing sector in danger. Without rental assistance, the real estate industry is being mandated to shoulder an unrecoverable financial burden that could lead to the greatest rental housing crisis of our lifetime.
The undersigned national associations that represent for-profit and non-profit owners, developers, managers, housing cooperatives, lenders and housing agencies involved in providing affordable rental and cooperative housing to millions of American families implore you to immediately return to the negotiating table and fund a strong rental assistance programto protect the long-term stability of our nation’s housing markets.
The action taken yesterday by the Administration enacting a federal residential eviction moratorium through December 31, 2020, without rental assistance, will ultimately harm the very people it aims to help. It will be impossible for housing providers, particularly small owners, to meet their financial obligations and continue to provide shelter to their residents. Furthermore, it saddles renters with an unmanageable amount of debt due to months of unpaid rent, potentially dating back to March.
Federal and state unemployment assistance benefits have helped keep many renters stably housed. Without that supplemental and rental assistance, many will not be able to meet their financial obligations.With the implementation of a new federal eviction moratorium, a dedicated, stable rental assistance program and federal unemployment benefits is even more important than ever to protect the housing stability of millions of residents and property owners.
A variety of rental assistance proposals have emerged, and our groups urge policymakers to ensure whichever delivery mechanism(s) is chosen, swiftly distributes funding at the propertylevel, while also protecting struggling renters at all income levels as directed by the Administration’s Order and geographic regions including urban, suburban and rural areas throughout the country.
As you continue your work to respond to the COVID-19 pandemic, it is clear that continued direct financial support and emergency rental assistance provide solutions for residents and housing providers alike and are necessary to help those with financial hardships, without undermining the stability of the housing market and the financial health of our communities. We urge Congress to take meaningful action now by providing stable and dedicated rental and unemployment assistance. Only through immediate action can Congress pull the country back from a potentially imminent housing crisis.
Sincerely,
CCIM Institute
Council for Affordable and Rural Housing
Institute of Real Estate Management
Manufactured Housing Institute
Mortgage Bankers Association
National Affordable Housing Management Association
National Apartment Association
National Association of Home Builders
National Association of Housing Cooperatives
National Association of REALTORS
National Leased Housing Association
National Multifamily Housing Council
cc:
The Honorable Steven Mnuchin
The Honorable Ben Carson
White House Coronavirus Task Force
The Honorable Alex Azar
The Honorable Robert R. Redfield, MD
