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Emergency Rental Assistance Program - Government is Willing to Cover Your Tenants Rent - YouTube
Channel: Clint Coons Esq. | Real Estate Asset Protection
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- What's up guys, Clint Coons here.
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And in this video, I wanna
talk about ways in which
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you can get paid by the Federal Government
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when your tenants aren't
paying their rent.
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Okay, let's get started.
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(upbeat music)
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Okay, so here's the deal.
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As you know, we've been
going through COVID
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and there's been a lot
of moratoriums out there
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where tenants have been told
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they don't need to pay rent to landlords.
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And that may be great for tenants
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but if you're a landlord,
that just plain old sucks.
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Because you still have
mortgages that you have to pay,
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you still have utility expenses
that are going out the door,
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and you don't have the income
coming in from your tenants
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and on top of that, you can't evict them.
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So where does that leave you?
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Well, the government has stepped up.
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If you haven't been following
the law back in December,
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at the end of December
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they passed the Emergency
Rental Assistance program.
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Now, what did this do
for you as a landlord?
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Well, basically threw out
$25 billion to the states
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to allow there to be funds made available
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to help landlords cover the rent.
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Now, this program is
a fabulous way for you
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if you haven't been getting paid to go in,
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and I'm gonna walk you through
how to how to apply for it,
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to get some funds.
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Because not only does
it count going forwards,
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you can also go back up to a year.
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Now, not only do we have federal programs
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there's many state programs as well
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and I'm gonna show you a
website where you can go to
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and you can find all of the
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places within your state
that you can apply to
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to get assistance as a
landlord to help cover the rent
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that's not coming in right now.
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So the money's out there,
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you just need to know where
to look in order to find it.
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So thankfully, we have
that available to us.
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You just need to know
some of the background
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in order to apply and it's
really not that difficult.
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So there's really three different criteria
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in which you would need to
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or a tenant would need to be eligible
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in order to apply for this assistance.
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Now, the assistance itself will
go directly to the landlord.
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It'll cover rent as I stated,
could go back 12 months
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and actually it can go
forward three months.
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So there's a total of
potentially 15 months here
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of which you can receive compensation.
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Now, in order to do that
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your tenants have to meet
one of three criteria.
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They either have to be unemployed
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or they have to experience
a reduction in income
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within their household
or significant costs
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or hardship due to COVID-19.
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This is the first
requirement, one of three.
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And I think this is the easiest one
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for every tenant to apply under
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because everyone has been
affected as a result of COVID.
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Now, if they can't meet that test,
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you have the second test
which they must demonstrate
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a risk of experiencing homelessness
or housing instability.
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Who knows what that means?
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Maybe if you were to say that
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once moratorium's over on evictions,
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you plan to evict them.
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So that would be an opportunity
for them to apply for this.
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And the third one is
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you have to have a household income
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at or below 80% of the median
for that particular area.
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So one or three would
typically qualify most everyone
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that wants to participate in this program.
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Now, if you wanna go and do that
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you're gonna have to go
to a website first off
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and I'm gonna to bring that up in a moment
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to show you where to apply.
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And you're gonna actually
apply with the tenant
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or you can apply for the
tenant in many cases.
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Now, in order to do this,
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if you wanna apply for your tenant
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because maybe your tenant
doesn't have a computer
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or they're just not motivated to apply
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because they're maybe
too busy spending money
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that they've received from
the government stimulus
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that hasn't been going to pay rent.
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Well, all you can do is
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for them is you can actually
fill out the application.
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And you must have them
sign the application,
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it can be an electronic signature
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or it can be a wet signature.
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On top of that, you have
to provide the tenant
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with a copy of the application.
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So of course they have to see this.
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You just can't go out there
and start applying for tenants
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without having their
information of course,
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you have to collect information from them.
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And there are some rules
about making sure that
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that information you collect is protected
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so that it wouldn't be
disseminated to the general public.
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So watch where you store this information.
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Don't leave it laying around on a laptop
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that possibly you take into a repair shop.
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And a third on that,
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you can apply for rental
assistance payments
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that are awarded from the
state or the Federal Government
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to the rental obligation of the tenant.
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So what it means here is
that any money you receive,
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you have to take those
funds and it has to be used
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to cover their rent obligations
and their utilities.
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And depending on the
program that you apply for,
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you'll find that some don't
apply for utilities, just rent
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I found and others will cover both.
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But they're great opportunities for you
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if you're a landlord to go in
and take advantage of this.
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And so also wanna say is that
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if when you're making these applications
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there is a priority that's
given to individuals,
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if there's more than one
person in the household
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that's been unemployed.
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So if you have people or tenants
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where there is an unemployed person there,
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of course, you wanna make note
of that on the application
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so you get priority status.
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Because again, there's 25
billion but that can go quickly
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is depending on how many people
are applying for this money.
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Now, you're probably wondering
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where do I go to find out in my state,
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how I can take advantage
of these programs?
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Well, thankfully the National
Low Income Housing Coalition
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has put together a very
extensive Google Doc sheet.
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And guys, you can find this
in the actual show notes.
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There's a link to it there,
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where you can go here and
you can just scroll down
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as you can see you can
look for your state here.
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Here I'm looking at Alabama,
they have links to it.
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They talk about tenant eligibility.
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What it takes to apply.
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They've got what you
have to prove as well.
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They've got all this pertinent information
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so you can delve in here.
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You can see what the funding amount is
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they've been allotted
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and you can just walk your
way through this spreadsheet
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and it's gonna answer many, many
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if not all of your questions.
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In fact, they got some other
resources here in various tabs
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down at the bottom.
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And I would highly encourage you
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that if you want to take
advantage of this program,
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you utilize this as your first tool
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to start doing the research.
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I can't say enough for the fact that
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they provided all of these links.
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It makes your job so much easier
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when it comes to finding assistance,
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not only for your tenants
but also for yourself.
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So you can make sure that
all those costs that you have
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that have been accumulating,
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the utilities and the unpaid rent
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you can finally get paid on that.
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So hey, the money's out there.
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Don't sit there and fret about it.
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You can get paid.
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You just have to take advantage of it
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and go out there and
make the applications.
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And so that means having a
good rapport with your tenants
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and explaining to them the benefits of it.
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That by doing this,
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it's not only make sure
that they're covered
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'cause as you know that
many of these instances
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the tenants are still
responsible for the rent
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even though they haven't had to pay it.
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And this way,
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they're gonna have that cover.
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They won't have that ongoing obligation
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and as I've stated at the
end of the day, you get paid.
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All right guys, I hope this
was a lot of information
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to know about before and that
you can benefit from this.
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Hey, if you liked this video
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make sure you put the like down there.
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If you haven't subscribed, subscribe.
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And if you know any out there
who is a real estate investor
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be sure to refer them to the channel
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to pick up this and all
that other great information
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that I produce on a weekly basis for you.
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All right, take care, everyone.
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(upbeat music)
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