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Call to Action from the National Apartment Association (NAA)
 
On behalf of the more than 80,000 combined members of the National Apartment Association (NAA), the National Multifamily Housing Council (NMHC), and the millions of residents who live in apartment homes, we thank Congress for its quick action on the Coronavirus Aid, and Economic Security Act, (CARES Act), which includes important provisions intended to stave off total economic collapse in the wake of the coronavirus crisis. However, our industry continues to face potentially dire economic circumstances that will devastate the affordability, availability and stability of the rental housing supply nationwide.
 
Millions of workers have applied for unemployment benefits in the last few weeks. Given that number, the apartment industry is expecting a significant number of residents will be affected by furloughs or job loss, which could inhibit their ability to pay their rent-even with the assistance provided by the CARES Act. The industry is also challenged by residents who are fully able to meet rental obligations but may be persuaded by rent strikes or misunderstand their continued requirements and the importance of making timely rental payments.
 
With that in mind, apartment firms are bracing for an uptick in late payments and skips for April and likely even bigger jumps for May and possibly June. According to Amherst Holdings research, in an extreme scenario, more than 25 percent of the households that rent in the U.S. may need help making payments because of the coronavirus, requiring up to $12 billion a month in government support. Rental housing providers are gravely concerned about their ability to keep up with their financial responsibilities, which remain unchanged as more jurisdictions adopt renter protections with limited relief for housing providers. Owners and operators rely on rental income to pay employee payroll, mortgage payments, taxes, insurance and, importantly, use these funds to maintain continuity of essential services for apartment communities as many renters must shelter in place.  Click here to learn more.
 
NAA would like Congress to adopt the recovery stimulus package.
 
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