COVID-19 UPDATE for Landlords: Financial assistance + Legal
We have experienced so much change to our daily lives during this past week or so. We, like most of you, had to make major adjustments to our lives and common work practices in a short period of time.
Our team is now working from our homes during this time. We are working diligently to stay on top off-market activity and legislation that can assist you.
Here is what you need to know right now:
Both Mayor Garcetti and Governor Newsome have spoken about an eviction moratorium for renters who have been affected by COVID-19. This is not a RELIEF of rent. Please read here for important details from HCIDLA.
As many of you know, The County of Los Angeles Board of Supervisors approved a Permanent Rent Stabilization Ordinance for eligible rental units in the unincorporated areas of Los Angeles County which will become effective on April 1, 2020.
If you are in need of capital, there are two very attractive, low-interest loans available. I highly recommend all landlords submit an application for these loans as soon as possible.
SBA Disaster Loan (related to economic injury from COVID-19). Loan amounts are available up to $2 million dollars. The website occasionally goes down. Please keep checking back as needed. More info here.
The City of Los Angeles has also offered emergency microloans that can be processed in 3-4 weeks. These loans range between $5,000-$20,000.
We believe that some of you may need or desire management during this time period. We have a solution for you. Please contact us directly.
Thank you and stay safe!
Danielle Hoston Wrighster