Eviction Moratorium Through December 31
Louisiana Realtors • September 3, 2020
Information regarding the latest order
On Tuesday, September 1, the Center for Disease Control (CDC) and the White House announced a new eviction moratorium. Louisiana REALTORS® is actively following this issue and has reached out to members of our Congressional delegation for more information and guidance for how this will impact Louisiana’s property owners. The order covers any resident who certifies they meet the below criteria may not be evicted for failure to pay. The CDC’s order requires residents to declare (under penalty of perjury) that they:
•Have used best efforts to obtain all available government assistance for rent or housing;
•Expect to earn no more than $99k (individual) or $198k (joint) in 2020; OR was not required to report income in 2019; OR received an Economic Impact Payment from the CARES Act;
•Are unable to pay the full rent or housing payment due to substantial loss of household income, loss of hours, lay-off, or extraordinary medical expenses;
•Are using best efforts to make timely partial payments;
•Eviction would likely render them homeless or force to move into close quarters in congregate or shared living settings due to no other housing options.
National Association of Realtors® (NAR) President Vince Malta, along with CCIM and the Institute of Real Estate Management (IREM), released the following statement in response to a new CDC and White House executive order halting virtually all evictions nationwide beginning September 4 and extending through the end of the year.
“While NAR appreciates and is supportive of administration efforts to ensure struggling Americans can remain in their homes, this order as-written will bring chaos to our nation’s critical rental housing sector and put countless property owners out of business,” said Malta, broker at Malta & Co., Inc., in San Francisco, CA. “Any eviction moratorium must also come with rental assistance for property owners, the vast majority of which are mom-and-pop investors and are still required to meet their financial obligations even as they cease to receive income on their properties.”
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From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple announced today that the Louisiana Department of Insurance (LDI) continues its work to develop a regulation creating benchmark discounts for Fortified roofs in Louisiana. The LDI is working with the National Association of Insurance Commissioners (NAIC) to develop the benchmark discounts using Louisiana-specific data, hurricane modeling and actuarial considerations. “With over 11,000 Fortified roofs in Louisiana and two years-worth of insurer experience with rating for those roofs in our state, now is an appropriate time for the LDI to establish benchmark discounts for homeowners insurance companies operating in our market,” said Commissioner Temple. “These benchmarks are being thoughtfully developed to help consumers receive the discounts they deserve for fortifying their homes while making sure insurers know the benchmarks reflect how much Fortified roofs actually mitigate their exposure to risk across Louisiana.” Like in Alabama’s Fortified benchmark discount structure, the LDI regulation would require Louisiana insurance companies to either meet the minimum benchmark discount established by the LDI or provide actuarial justification for why the company’s discount does not meet the benchmark. Louisiana is the fastest growing state for Fortified roofs in America. To date, over 11,000 Fortified roofs have been installed in Louisiana, including over 4,100 through the Louisiana Fortify Homes Program.
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