The future of the housing market (2021)
Beginning in March 2020, the Connecticut Fair Housing Center sent daily (then weekly, then monthly) updates to Connecticut leaders and partners on issues impacting our clients. We include resources on how to address those issues. Although some effects of the pandemic have disappeared, the needs of our customers have not. As you can see below, renters are still in danger of losing their homes, even as the assistance available to them dries up. Please help the Center and its allies advocate for changes that help low-income renters stay in their homes.
– Fair Rent Commissions are volunteer city councils that have the power to (1) stop a runaway rent increase and reduce it to a fair level, (2) phase in a rent increase, or (3) delay a rent increase. of rents until the housing code violations are fixed.
– The Fair Rent Commission law has been in existence for over 50 years. About two dozen Connecticut towns and cities have Fair Rent Commissions, which require a minimum overhead, but cities like Waterbury, Middletown, New London, Meriden and Norwich still don't.
Should the rent be paid or not? The government, the virus that puts the tenants
Legislators and other commentators do not expect Governor Cuomo to support this legislative proposal, as he has not supported similar legislative proposals calling for the cancellation of rent payments in New York. This proposed legislation is emblematic of other proposed legislation in other jurisdictions, and it is likely that we will continue to see similar proposals during the course of the pandemic. Let's hope that our elected officials will carefully consider the effect these proposals will have on all parties, including landlords, lenders, and parties other than tenants. As many commentators have argued, it might be wiser to extend subsidies directly to tenants in the form of tax breaks, unemployment benefits, or direct payments, rather than asking the real estate industry to bear this burden disproportionately.
enlarged again! loan forbearance + foreclosure
WASHINGTON – The Federal Housing Administration (FHA) announced on July 30, 2021 an extension of its moratorium on evictions for foreclosed borrowers and their occupants through September 30, 2021, noting the expiration of the moratorium on evictions. foreclosures on July 31, 2021. This extension is part of President Biden's July 29 announcement that federal agencies will use their authority to extend their respective eviction moratoriums through the end of September, providing a continued protection to households living in single-family properties insured by the federal government. The extension of the FHA eviction moratorium will prevent the displacement of foreclosed borrowers and other occupants who need more time to access suitable housing options after foreclosure.
"We must continue to do everything in our power to ensure that foreclosed borrowers impacted by the pandemic have the time and resources to secure safe and stable housing, either in their current homes or by obtaining of alternative housing options,” said Principal Assistant Secretary for Housing Lopa P. Kolluri. "We don't want to see any person or family unnecessarily displaced as they try to recover from the pandemic."
How the eviction crisis can also become a financial crisis
In addition to the staggering public health effects of the coronavirus pandemic, the economic fallout has left many people across the United States suddenly facing significant or total loss of income. This led to a severe degree of housing insecurity for both renters and landlords, many of whom worried about their ability to continue paying their rent or mortgage. In response, the federal government enacted the American Aid, Relief, and Economic Security (CARES) Act, which provided many people with direct cash assistance, as well as increased access to unemployment benefits. The CARES Act and its successor, the Consolidated Appropriations Act of 2021 (CAA), along with a variety of state and local government programs and policies, also contained protections for renters and homeowners by prohibiting many evictions and requiring assistance. for mortgages that meet the requirements.
On September 1, 2020, the Centers for Disease Control (CDC) issued an order establishing a nationwide eviction moratorium for eligible tenants. Individuals earning $99.000 or less or couples earning $198.000 or less qualify. Renters were also eligible for the measure if they received a 2020 stimulus check. The CDC order also applied to evictions in public housing. However, the order did not relieve the tenant of the obligation to pay rent after the moratorium expired, including rent that was due during the moratorium. This order ended on August 26, 2021.
