Discussions are underway in Washington, D.C., among lawmakers to create a new federal stimulus package that will offer continued financial support for Americans still reeling from the economic disruption of the coronavirus pandemic.
The Coronavirus Aid, Relief and Economic Security Act is poised to expire on July 31, ending a variety of stimulus initiatives, including higher unemployment pay and a moratorium on evictions at properties with a federally backed mortgage.
Among the possible features of a new stimulus package is a proposal to extend the eviction moratorium for 12 months, a prospect that has developers concerned about the ability to finance and deliver future affordable housing at a time of pressing need.
“If investors lose money and get burned, they're not going to come back,” Slate Property Group principal David Schwartz told Bisnow.
The CARES Act eviction moratorium is due to expire on July 24, with an additional 30-day notice period requirement for tenants to vacate. The Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act and the Emergency Housing Protections and Relief Act of 2020 were passed…
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