Back to rent? Here’s what Americans are suffering from should know | Business and Financial Issues

For the 8.8 million Americans who are on the verge of borrowing, the loss of resources, who are eligible and where they can get help.

An estimated 8.8 million Americans are behind rent, according to the Consumer Financial Protection Bureau. While relief work has solved some of the housing problems, rent is still coming.

The U.S. government has approved a two-day lease, in excess of $ 46bn in total, which is gradually going down in rent.

In addition, the government has fired them in late June. But avoiding evictions does not eliminate any rent. Research differs, but the Urban Institute estimates that lenders have debt anywhere from $ 13.2bn to $ 52.6bn back loans.

If you are struggling, here is what you need to know about how to get help:

Available

Congress passed two approaches to facilitating borrowing. The first, approved in December, provided $ 25bn in loan assistance. Tuesday, approved in March, offers more than $ 21bn.

In many cases, the grant can help repay the previous rent, next month’s rent and other loans. Pensioners may be able to pay for a year or more in order to repay the loan.

This is a combination of other programs out there that can offer a variety of support. It has been difficult to find other programs, but homeowners hope the new rental facility will benefit more people.

Who is eligible

There is a temporary change for countries to change the program, but for the most part, government subsidies are available to those who receive 80% or less of the average income in their region and have experienced some of the problems associated with COVID-19. Preference is given to those who have a 50% or less average income in their area.

This inquiry can be made by the needy family or the landlord on behalf of the family. The money is usually paid directly to the homeowner and the service provider.

However, some homeowners may be reluctant to participate because it requires a lot of paperwork and other things, such as agreeing not to raise rent or evict a temporary tenant.

If the landlord does not want to participate, the money can be paid directly to the recipient.

Where to go

Buyers who need help should go to their home managers to determine if they are eligible for government assistance and any local assistance.

Government-funded funding is sent to countries, U.S. territories, local governments and nations to oversee it through their local programs. However, it took some time for the funds to go to these agencies.

The director and CEO of the National Low Income Housing Coalition says Diane Yentel says funding for the first round has been distributed and about 60% of districts have open programs, which are increasing daily. But funding for the second round will not continue until May.

“Help is on the way,” Yentel said.

The National Low Income Coalition Coalition oversees all lending programs available on its website. Missing advertisers can start there to find the app in their area. They can also contact United Way or its 211 program to help them. People can also contact a housing consultant with the US department of Housing and Urban Development.

The Federal Trade Commission, the US department of the Treasury and the Consumer Financial Protection Bureau all have information to facilitate borrowing on their websites

There is another concern that the need for help may continue to be available. Hence lenders should take immediate action or return frequently if the program is not immediately available in their area. If borrowers do not qualify for government subsidies, they may be able to access assistance through other programs available in their area.

“The only thing renters can do is plan,” said Susan Ifill, chief executive of the non-profit organization NeighborWorks. “Getting these things is one thing, but make a plan.”

This may include consulting a real estate agent or working with a landlord to plan a lease or find new homes.

If anyone is worried about being deported, remember that the conspiracy to deport the people is still in place until the end of June. Renters must complete the form and submit it to the landlord.