The Covid-19 relief bill was just posted and includes the following provisions that will impact housing:
Emergency Rental Assistance – There is $25B for rental costs including back rent, forward rent (limited to 3 months at a time), utility and other qualifying housing expenses. This will be targeted to 80% Area Median Income and below (~$70,000 for a household of 4 in PBC) with a focus on those making less than 50% AMI (~$44,000 for a household of 4 in PBC). Landlords can apply on the renter’s behalf with permission of the tenant. Florida will get $1,429,695,000 in funds but we have not received specific County/City allocations.
CDC Moratorium – The moratorium is extended to January 31, 2021.
Extension of CRF Funds – The current CRF funding deadline is extended to December 31, 2021. Without this extension, all unexpended funding would have been returned to the Treasury as of December 30,2020.
4% Tax Credit – The bill establishes a permanent floor for the 4% credit so those using the credit will have more secure, predictable financing.