On the other side of the COVID-triggered eviction moratorium has been the mom and pop landlords. Many have mortgages that can’t be paid without rent coming in every month. To provide some assistance, New Orleans has announced a $1.5 million mortgage assistance program for landlords who own eight or fewer rental units.
The city is hoping to attract more funding for this program, but for now, this $1.5 million will go quickly. They estimate the fund to deliver help to about 100 landlords. In order to get a piece of a pie that’s smaller than a Hubig’s, landlords need to document their hardships and move quickly. Short-term rentals are not included.
Here are the other guidelines, from the Ready NOLA site:
- The applicant must be the primary owner and the applicant’s property must not be a seasonal or short-term rental.
- The rent must be considered current by the landlord after receipt of the grant payment.
- An awarded landlord must agree not to evict current tenants through Jan. 31, 2021, or seek repayment of past due rent for the months that mortgage assistance is paid by the SLEG Program. Should a unit become vacant, the unit must be rented within 30 days to an 80% or below AMI household through Jan. 31, 2021.
- Landlords will be required to certify the extent of loss revenue and their inability to make mortgage payments. Funding to landlords will be limited to rental units with the City of New Orleans addresses.
To apply, call the Mayor’s Office of Community Development at 504-658-4200. And do it quickly, because this money won’t last long.