Episode 06: The Rent & Mortgage Moratorium | A Crisis is Looming

Another crisis is on the horizon and many of us are trying to figure out “How did we get here”. Why are so many people facing evictions and foreclosures around the country?  Back in March 2020, The Cares Act bill set aside $25 billion dollars for both the Rent & Mortgage Moratorium programs. Under the Biden Administration the American Rescue Plan Act passed, and additional funds of $21.55 billion were added to the bucket to fund both programs as well. The funds were sent to each State’s Housing Authority to manage and distribute accordingly per the direction provided by the government.

The program was extended several times to allow individuals that were affected by the pandemic the time needed to apply for assistance. CBS news recently reported a story about tenants getting evicted from their homes even though the government instructed landlords not to evict anyone since the program is active and not set to expire until June 30, 2021.

It is estimated that 40 million people will lose their homes this year; However, there is a $45 billion dollar fund to help people that are struggling to pay their rent, make their mortgage payment, and even pay their utilities. What is causing the delay with allocating this money out to the people that need it the most? Was the program executed properly by each state’s housing authority? These government agencies have been known to modify programs that later cause more harm than good. If the right adjustments are not made soon, we might find ourselves in a major housing crisis. 

We’d like to welcome you to our Sixth Episode of Authentic Filters: The Rent & Mortgage Moratorium | A Crisis is Looming. Let’s get the conversation going and the word out. If you enjoyed this episode, please head over to Apple Podcast or wherever you listen to Share with others, subscribe, and leave a 5-star review.