In a statement released on March 10, National Apartment Association (NAA) President and CEO Bob Pinnegar and National Multifamily Housing Council (NMHC) President Doug Bibby issued the following statement on the passage of the American Rescue Plan COVID stimulus package, and its implications for residents of rental housing - including those leasing or subletting units in condo and co-op communities:

“NMHC and NAA applaud leaders of Congress as well as President Biden and his team on the passage of the American Rescue Plan that will offer sustained support and assistance to the millions of families in apartment homes across the country.

“As we near the one-year anniversary of the onset of the pandemic and the resulting economic distress, NMHC and NAA are heartened that this new legislation contains critically needed rental assistance, as well as other key supports for apartment residents and housing providers. These supports include:

$27.4 billion in dedicated rental assistance
$1,400 payments to individuals earning less than $75,000 and couples earning less than $150,000
$300 a week in extra unemployment assistance through September 6

“The assistance included in this legislation will prove critical during the coming weeks and months for keeping residents safely and securely housed, and ensuring the nation’s rental housing market remains stable. However, the potential for ongoing eviction moratoriums at national, state and local levels jeopardizes that stability, as they do nothing to address underlying financial distress, nor speak to the continuing housing affordability challenges facing our country.

“With light at the end of the tunnel, NMHC and NAA continue to look forward to working with policymakers on a strong and balanced recovery and on legislation that encourages the development of housing of all types and at all price points.”