Everything You Need to Know About Rental Assistance and COVID-19 Relief

LOS ANGELES, February 8, 2021 (Newswire.com) - The COVID-19 pandemic has wreaked havoc on the U.S. economy over the past year. Many people have lost jobs and are now facing the reality of needing financial help with rent. But the good news is there are resources available for rental assistance and COVID-19 relief.

How Does Rental Assistance Work?

For many years, the federal government has provided rental assistance for low-income households through various programs such as public housing, section 8 project-based rental assistance, and housing choice vouchers. Due to the pandemic's far-reaching and profound impacts, these programs have been expanded in certain circumstances.

On the federal level, in addition to supporting existing rental assistance programs, the government instituted a moratorium on evictions, which was recently extended through Jan. 31, 2021. This enables renters to remain in their residence even if they're unable to pay. It also states that landlords cannot charge late fees. It's worth noting that tenants are expected to pay up to date on rent or work with their landlords to develop a payment plan following the moratorium.

Do I Qualify for Rental Assistance?

The qualifications for rental assistance may vary by state. Be sure to work with your local offices to verify eligibility. Some of the standard requirements states will look for are:

• Income Limits: Rental assistance is typically offered only to those who are considered low-income. Low-income classification varies per state but is often below 80% or sometimes 50% of the local median income or federal poverty line. You'll want to know your annual gross income before applying and check with your state or local officials to see if you fall within the income limits.
• Personal Situation:  If you are classified as elderly, disabled, or homeless, you may be eligible to receive rental assistance through specific programs.
• Impacted by COVID:  If your employment was affected by COVID since March of 2020, as long as other state criteria are met, you may be eligible for rental assistance.

How Do I Receive Rental Assistance?

The Department of Housing and Urban Development (HUD) is providing rental assistance through the individual states. So the most direct path to understanding if you qualify and how to receive rental assistance is to contact your state's HUD department.

Rental Assistance Alternatives

If you don't qualify to receive government assistance, there are other options available.

• Look local:  Some local non-profits, charities, or faith-based organizations may offer assistance programs at no cost. You can check your local news website or reach out to local government resources for more information.
• Consider a loan:  A short-term loan, like a personal loan, can serve the purpose of tiding you over until you get back on your feet. Look for loans with transparent and flexible repayment terms and no prepayment penalties if you end up in a position to pay it back early.

As a tenant or prospective tenant, it's essential to stay up-to-date on your rights during these ever-changing times. Consult your local government resources for the latest on the eviction moratorium and federal housing relief funding.

The COVID pandemic has been a trial for the country, but know that reaching out for help is one of the strongest things you can do for yourself and your family.

Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.

Source: iQuanti, Inc.