Local officials in Decatur, Ill. have struggled to spend more than $511,000 in federal rental assistance money, despite an acute need. A flood of rental assistance aid nationally has been slow to reach renters and landlords.
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JPMorgan Chase launches programs to expand and preserve affordable housing May 25, 2021
JPMorgan Chase announced initiatives to expand the preservation of affordable housing and rental housing options across the U.S., as part of the firm’s recently announced $30 billion commitment to advance racial equity. To help maintain affordability for tenants, the Commercial Term Lending group is offering multifamily owners and operators with an industry-leading Affordable Housing Preservation Program, providing an economic incentive, as well as extending rent and income-restricted subsidy mortgage lending programs to this client base.
The lack of affordable housing options disproportionally affects communities of color and low-income renters. According to a report from the Joint Center for Housing Studies of Harvard University, more than half of Black and Latinx renter households were moderately or severely cost-burdened in 2019. The COVID-19 pandemic and its
“Most residential landlords in the country own fewer than five properties, so it’s definitely a myth that most of the people affected by this are big companies, big corporations majority of the time, it’s mom and pop,” said Caleb Kruckenberg, an attorney with New Civil Liberties Alliance.
“This is their entire livelihood. What people don’t understand is they still have all the same bills.”
Rick Brown, a landlord in Virginia, is a client of New Civil Liberties Alliance and part of the legal fight unfolding in court cases across the U.S.
“I’m struggling to pay my bills. I’m treading water. I mean it’s a tough deal right now for landlords,” he told CBS.