{"id":14610,"date":"2021-01-20T16:23:36","date_gmt":"2021-01-21T00:23:36","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=14610"},"modified":"2021-01-20T16:23:36","modified_gmt":"2021-01-21T00:23:36","slug":"president-joe-biden-proposes-new-plan-what-will-that-mean-for-evictions-mortgages-and-rent-relief","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/president-joe-biden-proposes-new-plan-what-will-that-mean-for-evictions-mortgages-and-rent-relief\/","title":{"rendered":"President Joe Biden Proposes New Plan | What Will That Mean For Evictions, Mortgages, and Rent Relief"},"content":{"rendered":"

\"President<\/p>\n

The struggle is real across the US for tenants and landlords attempting to make ends meet. With the federal eviction moratorium expiring while millions have fallen behind on paying rent and mortgages, the new presidency could bring added relief for both struggling landlords and renters alike.\u00a0<\/span><\/p>\n

Although data shows an uptick of rent payments online<\/a>, with 1 in 5 adults still behind on rent payments, it is <\/span>estimated $70 billion is in arrears.<\/span><\/a><\/p>\n

Nathan Miller, president of Rentec Direct, notes in the recent Forbes article that \u201cin order for the housing market to return to normal, the natural cycle of turnover needs to return. This will require unemployment rates to drop down closer to pre-pandemic levels, so renters can pay their rent as they normally would\u201d.\u00a0<\/span><\/p>\n

Read the entire article here: Three Predictions for the Rental and Housing Market in 2021<\/a><\/strong><\/p><\/blockquote>\n

Until that eventuality, tenants and landlords are attempting to navigate the troubled waters created by business shut-downs, unemployment, and looming debt.\u00a0<\/span><\/p>\n

On Thursday, the then President-elect Biden announced The American Rescue Plan, a $1.9 trillion stimulus relief package that addresses many of those issues that impact the rental industry.\u00a0<\/span><\/p>\n

In that announcement, President Biden notes that 18 million are relying on unemployment insurance, 14 million have fallen behind on rent and at risk of eviction, while over 400,000 small businesses have permanently closed their doors.\u00a0<\/span><\/p>\n

Although it is not clear if the bill will pass, President Biden’s sentiments point to the urgency to push forward some sort of relief package when he said, \u201cIf we don\u2019t act now there will be a wave of evictions and foreclosures in the coming months as the pandemic rages on. This would overwhelm emergency shelters and increase COVID-19 infections as people have nowhere to go and can\u2019t socially distance.\u201d\u00a0<\/span><\/p>\n

He went on to ask Congress to fund rental assistance for those 14 million which will \u201cbe a bridge to economic recovery for countless mom and pop landlords.\u201d<\/span><\/p>\n

Read the entire speech here: Remarks as Prepared for Delivery by President-Elect Joe Biden on the American Rescue Plan and Build Back Better Recovery Plan in Wilmington, Delaware.\u00a0<\/a><\/strong><\/p><\/blockquote>\n

How the American Rescue Plan Will Assist Landlords and Tenants?\u00a0<\/span><\/h2>\n

The American Rescue Plan was designed to facilitate economic recovery. Direct cash payments, extended unemployment insurance, rent relief, and food assistance are key elements of the American Rescue Plan which anticipates lifting 12 million Americans out (which include 5 million children) out of poverty.\u00a0<\/span><\/p>\n

Highlights of the American Rescue Plan<\/span><\/a><\/p>\n