The coronavirus pandemic has created a disruption to the housing market. Many multifamily and affordable housing landlords and managers are seeing missed rent payments as tenants are losing income. Even if tenants are paying there is an uncertainty around whether or not they will be able to continue. In many markets, evictions are not lawful at this time, even for nonpayment of rent. As a result, there are efforts to provide assistance to landlords dealing with unpaid rent. Even with this assistance, it’s a challenging time for landlords.
Many rental and affordable housing landlords are small business owners who can’t afford missed rent payments. There are a number of questions around landlord’s rights during this unprecedented time. HUD’s Office of Multifamily Housing has created a resource that answers some of the most frequently asked questions.
If you are experiencing missed rent payments, proper documentation and accounting is important, especially if you want to take advantage of relief measures available to you.
For assistance, speak to an affordable housing advisor at LvHJ. We are a California CPA firm, but we work with owners and developers across the country, with a special focus on accounting standards and taxation compliance issues.