HEROES Bill that passed House of Representatives

[Pancham G.]

Yesterday, the U.S. House of Representatives passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The bill, while intended to provide further relief to the American families and businesses harmed by COVID-19, presents both positives and negatives for the apartment industry.

Here is the summary of the bill and its impact to Multifamily by NAA - National Apartment Association - https://www.naahq.org/news-publications/what-you-need-know-about-heroes-act

One big concerning bullet point is 12 months of eviction moratorium. Here is a third bullet from the article above:

"Dramatically extend the CARES Act’s eviction moratorium to apply to virtually all single family and multifamily rental housing and suspend the collection of fees and halt eviction cases due to nonpayment of rent for 12 months from the date of enactment. Additionally, this section would restrict rental housing providers from issuing “notices to vacate” due to nonpayment until after the moratorium ends and prevent providers from requiring a resident to vacate the premises until 30 days after the notice is served."

What are your thoughts?

[Dennis Tierney]

As I stated in my post several days ago, all real estate investors should have contacted their Representative to vote no. I see Rep. King from NY voted for it. If it stays in and eventually gets passed it will destroy then rental industry. No evictions = no rents.