Financial Assistance for Virginia Landlords during COVID-19

Financial Assistance for Virginia Landlords during COVID-19

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By Darden Bell, CPA, Senior Tax Manager | Real Estate & Construction Industry Team

Virginia Landlords Can Receive Financial Assistance For Current and Past Due Rental Payments due to COVID-19

On September 24, 2020, Governor Northam announced the expansion of the Rent and Mortgage Relief Program (RMRP). The RMRP was launched in June 2020 to assist households facing eviction or foreclosure due to the COVID-19 pandemic. The program is federally funded with $50 million dollars provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.


Covid-19 Relief for Landlords and Apartment Complex Owners

Landlords and apartment complex owners now have the ability to receive financial assistance for current and past due rental payments dating back to April 1, 2020, on behalf of their tenants who qualify for the RMRP.

Since there is a limit on available funds, those who need this assistance should act quickly to fill their applications. The Landlord component of RMRP is open to the confirmed Owners of Virginia rental properties (including apartments, single-family residences and manufactured housing), with bona fide leases to qualifying tenants, and that agree to RMRP requirements. You are not required to have financing through Virginia Housing or DHCD to apply.

The Department of Housing and Community Development (DHCD) administers the RMRP through approximately 30 local and regional housing-related agencies throughout the Commonwealth. Virginia Housing, the state’s housing finance agency, has partnered with DHCD to manage landlord-initiated applications. Learn more about how to submit a landlord-initiated application.

Note: Eligible households must demonstrate difficulty in making rent or mortgage payments due to the COVID-19 pandemic. Monthly rent must be at or below 150 percent of Fair Market Rent (FMR) and eligible households must have a gross household income at or below 80 percent of area median income (AMI).


If you have any questions about how these changes impact your situation, please reach out to your Keiter professional or Email, Call: 804.747.0000 to discuss further. We are here to help.

Additional Real Estate & Construction Resources:

Qualified Improvement Property Correction in the CARES Act

COVID-19’s Economic Impact on the Construction Industry

Overview of the Virginia Historic Rehabilitation Tax Credit

Source

Virginia Governor Newsroom


About the Author

Darden is focused on providing high level service to clients in a variety of industries.  He has considerable experience serving clients in the Real Estate and Construction industry. He is a member of Keiter’s Real Estate and Construction team. Read more of Darden’s insights on our blog.

More Insights from Darden Bell, CPA


The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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