Program offers aid for multifamily property owners
Washington County is offering a limited bailout for owners of subsidized housing developments that have lost income because of the pandemic.
The new program aims to stabilize properties that have in some cases seen sharp reductions in rental income. It comes as municipalities around the nation enact stopgap programs to keep businesses and renters afloat in the face of federal inaction.
Eligible properties must:
have five to 300 housing units,
have deed restrictions enforcing a period of affordability of 15 years or more, and
have demonstrable loss of net income due to the pandemic from March 1 to Dec. 30 once other assistance has been applied to offset the loss.