LOS ANGELES (April 15, 2020) — The Resident Relief Foundation (RRF), a nonprofit organization that provides rental assistance grants to help responsible residents pay rent during a temporary emergency, today announced the launch of the “Resident Relief Initiative” (#residentrelief), a multifamily industry fundraising effort to combat the national housing crisis that will result from the COVID-19 pandemic.
The number of affected Americans is staggering. In March alone, the RRF saw rental assistance requests more than triple their annual rate. Together with its multifamily industry partners and donors, including MYND Property Management, Veritas Impact Partners, GSH Group, Luxer One and more, the Resident Relief initiative will help raise urgently needed funds to help keep renters in their homes when the limits of government intervention are reached.
Interested benefactors are encouraged to visit residentrelieffoundation.org/support-the-initiative to donate to the Initiative and the campaign can be followed @ResidentRelief on Twitter, LinkedIn, and Facebook, or via #ResidentRelief.
The Resident Relief Foundation was established to help responsible residents stay in their homes during an unexpected financial emergency. By providing housing assistance grants, the RRF helps qualified residents avoid eviction or homelessness.
“The federal and statewide rental eviction moratoriums are a welcome relief to renters suffering from the economic fallout of the pandemic, but further relief efforts are necessary to support the immense number of affected renters,” said Tina Oswald, executive director of the Resident Relief Foundation. “Our greatest concern is what happens to residents when those financial protections are no longer available and the overwhelming task of figuring out how to repay rent payments begins.”
The “Domino Effect” Once Moratoriums Are Lifted
Currently, nationwide moratoriums and state assistance programs have been enacted to help individuals stay in their homes during required lockdowns. Yet, 47 million people risk losing their jobs according to Miguel Faria-e-Castro, an economist at the Federal Reserve Bank of St. Louis. Once protections for lost income are gone, renters will find themselves deeply in debt as they owe back pay for rent not paid during the crisis. To date, there are still states that have yet to provide eviction protection where residents are currently in desperate need of financial support. The fallout – or “domino effect” – also affects 49 million U.S. rental units owned by multifamily property owners and operators, nearly half of which are “mom and pop” landlords facing potential bankruptcy as a result of residents not being able to pay their rent going forward, according to the Department of Housing and Urban Development. The Resident Relief Initiative also supports housing operators for whom the fallout would severely compromise their financial stability.
The Resident Relief Foundation is an entity unlike any other rental support organization in that the founders personally cover all expenses in order to allow 100 percent of donations to go to help qualified residents receive assistance. The goal of the Resident Relief Initiative is to drive $10 million in donations to keep more residents in their homes and more landlords above water.
Veritas Impact Partners is a program partner and advocate for the initiative. “We want to help and find other like-minded – and like-hearted – individuals that want to join us in our mission of making sure workforce housing residents have basic needs met at this time,” said J.P. Newman, founder, and CEO of Veritas Impact Partners.
For more information about the Resident Relief Initiative and to pledge support, please visit residentrelieffoundation.org/support-the-initiative.
About Resident Relief Foundation
The Resident Relief Foundation (RRF) helps responsible residents stay in their homes during a singular, unexpected financial emergency. Whether it’s a temporary job interruption, an auto accident, a medical emergency, or a victim of a natural disaster, RRF provides qualified residents with housing stability during a chaotic time and helps them avoid eviction, a forced move, or, worse, becoming homeless. RRF is a 501(c)(3) public nonprofit that helps residents nationally. For more information and to donate, visit residentrelieffoundation.org/support-the-initiative.