Industry responds to the Suspension of COVID relief negotiations

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Multifamily industry associations issued the following statements after President Trump announced that coronavirus stimulus talks would be put off until after the November election:

Statement from NMHC President Doug Bibby:

The breakdown of negotiations this afternoon about the future of COVID-19 relief ignores the financial and health distress facing millions of Americans. This failure, coupled with the nation-wide eviction moratorium put in place by the Centers for Disease Control (CDC), places the stability of the entire rental housing sector in danger and potentially puts tens of millions of apartment residents at even greater risk.

With no assistance forthcoming, renters and rental property owners alike will be put in an untenable situation with unsustainable debt mounting on a daily basis. Further, housing providers will continue to suffer losses that will increasingly strain their ability to continue operations.

NMHC strongly urges President Trump, his administration and Congressional leaders to resume negotiations and for leaders in both parties to urgently pursue solutions including robust rental assistance in order to forestall the health and financial crises we are already facing from evolving into a housing crisis which would undermine the economic recovery and destabilize the country’s housing market.

Statement from NAHB Chairman Chuck Fowke:

“The White House and congressional Republican and Democratic leaders need to put politics and posturing aside and think about the American people. It’s time for all sides to get back to the negotiating table and to quickly hammer out a coronavirus stimulus package that will provide economic relief to American home owners, renters and small businesses.”