REALTOR® Efforts Help Secure Rental Assistance in COVID-19 Relief Legislation
Louisiana REALTORS • December 22, 2020
Source:
National Association of REALTORS®
The National Association of Realtors® secured key victories in COVID-19 relief legislation that cleared the U.S. Senate & House of Representatives overnight, including various key tax extenders, additional support for the Paycheck Protection Program and funding for rental assistance. Roughly 38% of NAR's 1.4 million members own at least one rental property throughout the U.S.
"NAR has been one of the loudest voices in Washington advocating for rental assistance these past few months," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "While Realtors® worked to ensure thousands of American families would not go homeless, it was clear that broad, ongoing eviction moratoriums were jeopardizing the very housing opportunities we were trying to protect.
"More than 40% of rental units nationally are owned by 'mom and pop'-operated small businesses, many of which have been struggling to pay their bills and keep a roof over their tenants' heads. Rental assistance helps stabilize that housing and keep families in their homes, and we're grateful that Congress could secure this and other critical relief measures in this legislation."
More specifically, the agreement:
- Provides $25 billion to the states through September 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants.
- Includes payments for rent as well as utilities and other expenses related to housing
- Provides a new round of direct stimulus payments of $600 to most Americans
- Extends all unemployment assistance including the Pandemic Unemployment Assistance (PUA), through April 19, 2021, with a $300 weekly boost in payments through March 14.
- Unemployment benefits are extended to the self-employed
- Provides hundreds of billions in additional funding for the Paycheck Protection Program and for Economic Injury Disaster Loans
- Allows certain eligible businesses to receive a second PPP loan
- Creates a simplified forgiveness process for most PPP borrowers
- Allows for deductibility of business expenses paid for with PPP funds
- Extends for five years the exclusion from income for mortgage debt forgiveness and permanently extends the energy-efficient commercial buildings deduction
- Increases fair housing funding
- Provides $7 billion to states for broadband expansion, including $300 million for rural broadband
- Provides new money for schools and vaccine distribution
- Congressional leaders will begin consideration of the agreement Monday alongside a $1.4 trillion spending bill to fund the government through September 2021.
In-depth analysis of these provisions created for REALTORS® is available here: NAR's Federal Advocacy Responses to COVID-19.
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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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