Louisiana REALTORS® strongly encouraged landlords to apply for Rental Assistance
Louisiana REALTORS® strongly encourages landlords to apply for rental assistance through Louisiana’s U.S. Treasury Emergency Rental Assistance Program. The REALTOR® organization strongly advocated to Congress for this relief to ensure that landlords receive the financial assistance necessary to maintain their obligations and house tenants throughout the CDC eviction moratorium.
As a result, Louisiana was allocated $300 million through the U.S. Treasury’s Emergency Relief Assistance Program to accomplish both of these goals. This program is being administered by the Louisiana Housing Corporation in partnership with the Louisiana Office of Community Development in 57 parishes. The state’s larger parishes are administering their own programs.
“More than 40% of rental units are owned by small mom-and-pop owners who rely on rental income to both meet their rental property obligations and to make ends meet for their families,” said Norman Morris, CEO of Louisiana REALTORS®. “The rental assistance provided by this program will help these small businesses pay their mortgages, taxes, insurance, and worker salaries, and keep people safely housed. Without financial assistance, these small businesses are at risk of defaulting on loans which can lead to foreclosures.”
Morris concluded by saying that foreclosures on this segment of the housing supply could then lead to additional homelessness, vacant property, and blight. Sustained rental payments are the only way to prevent evictions while maintaining a rental housing supply and avoid these potential consequences.
To learn more or to apply for Louisiana’s U.S. Treasury Emergency Rental Assistance Program, tenants and landlords can visit www.LAStateRent.com or call 877-459-6555.
To learn more about how rental housing providers are affected by the COVID-19 pandemic and CDC eviction moratorium, visit www.LaRealtors.org or call Norman Morris at (225) 229-8538.
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