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The National Association of RealtorsĀ® 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 NARā€™s 1.4 million members own at least one rental property throughout the U.S.

ā€œNAR has been one of the loudest voices in Washington advocating for rental assistance these past few months,ā€ said NAR President Charlie Oppler, a RealtorĀ® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sothebyā€™s International Realty. ā€œWhile RealtorsĀ® 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.

ā€œMore than 40% of rental units nationally are owned by ā€˜mom and popā€™-operated small businesses, many of which have been struggling to pay their bills and keep a roof over their tenantsā€™ heads. Rental assistance helps stabilize that housing and keep families in their homes, and weā€™re grateful that Congress could secure this and other critical relief measures in this legislation.ā€Ā 

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

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

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

In-depth analysis of these provisions created for RealtorsĀ® is available at nar.realtor/coronavirus#section-181292.

For more information, visit http://nar.realtor.Ā 

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