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.