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As millions of renters owe billions, sisters fund ways to prevent evictions

Apr. 13, 2021 Catholic News Service As the pandemic provoked shutdowns across the United States in March 2020, Jason s stress level began to climb. He had to handle cash as an essential employee selling car parts at an AutoZone in McKinney, Texas, a state with no mask mandate. His precarious health asthma, sarcoidosis, chronic obstructive pulmonary disease, allergies put him at a higher risk of serious illness should he contract COVID-19. As his hours dwindled at work, Jason s ability to pay his bills began to depend on the opportunity to mow someone s grass for quick cash or sell whatever he could find that was sitting in his garage: the tools he still needed, or the motorcycle, which was worth twice what he sold it for. Then last June 8 he lost his job.

SFR Remains a Hot Sector, But Many Renters Continue to Struggle

SFR Remains a Hot Sector, But Some Renters Continue to Struggle Investors with small portfolios are more likely to feel the pain from tenants that have been unable to stay current on rents than REITs or private equity funds. Millions of families who live in single-family rentals missed rental payments during the pandemic. Many might not be eligible for the billions of dollars in coronavirus relief passed by Congress in March 2021 or they may need help in applying for assistance. But it’s likely the impacts will be different for larger investors, such as private equity funds and REITs, where a small number of delinquent tenants is offset by many others staying current, than for the “mom & pop” investors, who might only have one or a handful of properties and even one struggling renter can hurt the bottom line.

Millions of renters owe billions of dollars Sisters are doing what they can to help

Felician Sr. Maria Louise Edwards visits a man experiencing homelessness in Pomona, California. (Courtesy of Felician Sisters) As the pandemic provoked shutdowns across the United States in March 2020, Jason s stress level began to climb. He had to handle cash as an essential employee selling car parts at an AutoZone in McKinney, Texas, a state with no mask mandate. His precarious health asthma, sarcoidosis, chronic obstructive pulmonary disease, allergies put him at a higher risk of serious illness should he contract COVID-19. As his hours dwindled at work, Jason s ability to pay his bills began to depend on the opportunity to mow someone s grass for quick cash or sell whatever he could find that was sitting in his garage: the tools he still needed, or the motorcycle, which was worth twice what he sold it for. On June 8, 2020, he lost his job.

Seven Must Reads for the CRE Industry on March 10, 2021

Seven Must Reads for the CRE Industry on March 10, 2021
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