2020-05-10 WORD OF CAUTION ON LANDLORD RELIEF FUNDS
| By:
Jeff Taylor
WORD OF CAUTION ON LANDLORD RELIEF FUNDS
BY Jeffery Taylor, Mr. LandlordRelief Funds, which cities are making available for renters to pay their rent, are a good thing. However, as a landlord, before accepting any funds be sure you read and are okay with the terms and the fine print. The terms by which landlords must agree when accepting relief funds vary from city to city. For example, when looking at a fund offered recently by the city of Houston, the terms required that "Landlords who participate in the program waive all late fees, allow tenants to enter a payment plan for any rent above maximum allotment and rescind any prior notices to vacate..."
I've also read where the terms for acceptance in another city required that the landlord waive or agree to reduce the total rent owed by 25%. So again, be sure you understand all the terms of the agreement when accepting any relief funds as you look for ways to work with residents and get your rent collected so that you can cover all your expenses.