The CDC’s action regarding establishing a national eviction moratorium in response to the Covid 19 pandemic was never about due process. It was about shouldering U.S. landlords with $26.6 billion in debt not covered by federal financial assistance. Read about the National Apartment Association lawsuit against the federal government here.
Santa Barbara County Plans to Offer 100% Reimbursement of Unpaid Rent
This news has a short shelf life to act now!
Many rental property owners have applied to the California state program for reimbursement for up to 80% of unpaid rents due to the COVID-19 pandemic. However, this program is potentially going on leave shortly for 4-6 months.
The good news: As a result, the Santa Barbara County Dept. of Housing & Community Development has asked the County Board of Supervisotrs to increase the County’s limit of $6,000 reimbursement for unpaid rent to:
100% reimbursement for 15 month’s rent!
(the last 12 months delinquent rent and for 3 months into the future.)
This program is unique to Santa Barbara County. You will be able to receive 100% reimbursement instead of the 80% offered by the state! Final approval is pending on the County Board of Supervisors’ Consent Agenda for Tuesday, April 20. However, apply now! As of today, the County has $9,450,000 ERAP dollars remaining. Once the County ERPA funds are depleted, owners must apply to the State and receive must 80% reimbursement in addition to a long wait time.
First come, first served.
Get your delinquent tenants to apply immediately to the County ERAP, even if you have already applied to the state.
Apply here: https://www.unitedwaysb.org/rent
Further details are available on the SBSRPA (Santa Barbara Rental Property Association) website here:
Emergency Rental Assistance for Landlords – Santa Barbara Rental Property Association (sbrpa.org)
1031 Tax-Deferred Exchange Update – May 2015
According to a recent issue of Commercial Connections, a print and web publication of the National Association of Realtors the several proposals to repeal or limit 1031 tax-deferred exchanges in the 113th Congress were not adopted. Read about it here. However, new proposals and plans tend to borrow heavily on previous ones so expect the 1031 tax-deferred exchange to remain vulnerable.
My advice to sellers: Why wait to complete your exchange? We are in the midst of a robust, fully-recovered market.
Freddie-Mac Multifamily Forecast – 2015
It should be another good year for multifamily investments although a bit less frantic (this is good). For the report click here.