While the country struggles thorough the worst pandemic in modern times, multifamily owners, operators, and investors are joining forces to blunt the devastating effects of sudden unemployment. The Resident Relief Foundation, which includes coalition partners Mynd Property Management, Veritas Impact Group, GSH Group, Luxer One, and Domuso, is helping out by providing one-month’s rent payment to tenants knocked out of work by COVID-19. The foundation is also launching a $10 million fundraising campaign to help stabilize multifamily operations strapped for cash.
The money is targeting the 49 million U.S. rental units, half of which are owned or operated by smaller “mom and pop” style operations who could be forced out of business if residents can't pay rent. The funds would flow to residents in the form of grants.
Arbor Realty Trust, based in Uniondale, N.Y., recently announced it will be contributing $1 million to its Arbor Rental Assistance Program. Participating borrowers will be challenged to match Arbor’s advances to its tenants in need to help fill the rent gap in what promises to be the hard-hit months of May and June. Together, the partnership program will provide $2 million in relief to help shore up financial liquidity.
“As one of the most active lenders in the industry offering workforce housing loans, we want to do our part to help ease the burden for those who’ve been severely impacted by COVID-19,” said Ivan Kaufman, president and CEO of Arbor Realty Trust. “For those who have unfortunately lost income and are temporarily unable to meet their rent obligations, we are looking to provide some much-needed relief until they are able to stabilize their situations.” The program will be offered to tenants at the properties Arbor finances across the country on a first-come, first-served basis.
Camden Property Trust based in Houston, is also stepping up to the plate by establishing its $5 million Resident Relief Fund for its residents experiencing financial losses caused by the virus. The Resident Relief Fund, will help residents by providing financial assistance for food, utilities, medical expenses, insurance, child care, or transportation. Financial assistance tops out at a maximum of $2,000 per apartment home.
Camden executives are donating up to $250,000, with the remaining $750,000 coming from the company. “The additional funds will help Camden team members meet today’s unprecedented challenges,” said D. Keith Oden, Camden’s executive vice chairman. “We are proud Camden’s financial strength allows us to take care of our families.”
