Filling the rent gap through an innovative assistance program
With the spread of COVID-19 precipitating extensive job and income loss, families across the country have been making difficult decisions to be able to pay their monthly bills and rent. As the crisis continues to unfold, many are left with concerns about how to face the upcoming months.
Recognizing the worries of tenants, we at multifamily lender Arbor Realty Trust, along with our ecosystem of borrowers and property owners, have created the Arbor Rental Assistance Program that involves a lender borrower match of $2M. “We want to do our part to help ease the burden for those who’ve been severely impacted by COVID-19,” said Arbor Realty Trust President and CEO Ivan Kaufman. “For those who have unfortunately lost income and are temporarily unable to meet their rent obligations, we are looking to provide some much-needed relief until they are able to stabilize their situations.”
The Arbor Rental Assistance Program will act as supplemental income to existing government rent relief programs, using private capital to fill the loss of income for impacted families. This program will serve residents in communities across the country, including residents of multifamily units in Jacksonville, FL who are among the first to receive program support. We hope that by coming together to forge partnerships to help those in need, we can make a difference and help pave the road to recovery.