The second round of the Illinois Rental Payment Program (ILRPP) is a welcome lifeline for some multifamily housing providers, Chicago REALTOR® Anthony Hardy says in today’s video, because COVID-19 continues to affect some tenants’ ability to pay rent.
Also, Illinois REALTORS® Legislative Attorney Matt Rentschler compares the first and second rounds of the ILRPP and answers some questions members have posed about the program, such as how much assistance is available and ways for housing providers to avoid rejection of financial assistance. Watch the video now.
National research shows only 80 percent of apartment tenants are paying rent, says Hardy, the Executive Director, Multifamily Investment Advisors at Keller Williams Commercial. The situation becomes even more of a problem because the pandemic continues to increase operational costs in apartment buildings especially since more people are working from home.
Cooperation between housing providers and tenants is critical to obtaining the relief, says Hardy. Some rental assistance applications have been delayed because of a combination of missing information on applications and staffing shortages.
via Illinois REALTORS
December 14, 2021 at 06:36AM