By Maria Rocha-Buschel
Management announced at the end of March that residents who are experiencing financial hardship due to COVID-19 can apply for assistance through a new program, although residents will still ultimately be required to pay all rent that is due.
The C19 Resident Financial Hardship Assistance Program provides options to leaseholders who have a demonstrated financial hardship as a result of the virus, which includes a loss of income or extraordinary expense due to COVID-19. Leaseholders who are in good standing who can demonstrate financial hardship can apply for assistance, but at least half of the leaseholders in the apartment must be experiencing hardship to be eligible for the program.
The program has multiple options for those who are able to provide proof of financial hardship, including a payment plan and early lease termination. Under the payment plan, residents can defer up to 100% of one month’s rent and will enter a payment plan that will have the deferred rent paid in equal installments every month until the lease ends.
Between now and the end of June, residents that have between one and three months left on their lease can defer up to one month’s rent, but residents who have four months or more may make a request for additional months.
Tenants who are interested in breaking their lease can do so without penalty under the program by providing notice by May 1 and must move out before June 30. Tenants who have recently broken their lease can also have their settlement amount waived or refunded if the break was after March 20 and the tenant applies to the program.
Tenants who are in good standing can request that an existing security deposit be applied to their resident ledger. Tenants who use their security deposit to pay for the current month’s rent can also request a deferral for subsequent months.
Late fees will be waived through the end of July for all residents, including those who are not participating in the rent assistance program, and credit card fees will be refunded for each month through the end of June for any tenant that pays their rent via credit card.
Residents who qualify for the program are asked to email email@example.com in order to begin the application process.
Other resources are available for residents online.