Yesterday, Governor Newsom reinstated closures on most businesses in California, and on July 25th, the $600 weekly unemployment aid is set to expire. As coronavirus cases continue to surge in LA County, a renters relief program is desperately needed for so many out of work Los Angelinos who are on the brink of eviction. 

This month, the City of Los Angeles announced they would be allocating 103 million dollars for renters in need. Unfortunately, renters have to act fast, as the application window to receive a piece of that money is a mere five days, from Monday the 13th until 11:59 PM this Friday. Another caveat is that this assistance sum is expected to help up to 50,000 households, though the city anticipates there will be many more applications than that. Still, the Los Angeles Housing and Community Investment Department (HCIDLA) have said it's the largest COVID-19 renters relief program in the country. 

The fund will provide renters with grants of up to $1,000 for two rent cycles, paid directly to their landlord. The awarded amount for those two months is based on a sliding scale based on income. To be eligible, the combined household income must be 80% or lower than LA's median income amount, which is adjusted based on the size of the household. You must also be able to provide proof of tenancy and proof of a reduction in income due to COVID-19. Those who think they qualify can apply regardless of their immigration status. 

Applicants who do qualify will be entered into a lottery system to decide which households actually receive the grants since there likely won't be enough of the 103 million dollars to go around. 

If you need renter's assistance, visit, and apply today. Like, right now. Don't miss the Friday deadline! And if you're interested in other LA coronavirus information for renters, homeowners or property managers, check out our COVID-19 Resource Page

If you've been affected by COVID-19 and have a mortgage or real estate question, let's set up a call or virtual meeting to discuss your situation. Reach out to us at (323) 412-9060 or contact us here. It's important that people come together during difficult times like these, and IET Real Estate is here as a resource to help our community in the way we're most qualified––with our mortgage and real estate expertise.

Posted by Ben Nicolas on
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