NEW JERSEY APARTMENT ASSOCIATION APPLAUDS FINANCIAL RELIEF FOR SMALL LANDLORDS
(MONROE TOWNSHIP, NJ) – The New Jersey Apartment Association (NJAA) was encouraged by Governor Phil Murphy and Lieutenant Governor Sheila Oliver’s announcement regarding the creation of the Small Landlord Emergency Grant Program.
NJAA Executive Director David Brogan said, “We are encouraged by the Administration’s action today to provide direct assistance to small landlords. While much attention has been focused primarily on tenants, we cannot forget that landlords must operate and maintain those buildings, and also, they must meet their financial obligations.” Brogan added, “You cannot look at this problem in a vacuum. While the eviction moratorium helps tenants stay in their homes, there has been little attention paid to the plight of landlords of all sizes. At the end of the day, it helps no one if a bank takes over a rental property due to foreclosure.”
Brogan continued by saying, “Financial assistance benefits New Jersey well beyond simply helping landlords and tenants. It helps to mitigate the potential property tax shift onto homeowners if multifamily properties fail.” Brogan explained, “The multifamily industry pays over one billion per year in property taxes. Without assistance to landlords, property values will drop dramatically, and the property taxes paid by landlords will also drop dramatically. This will leave municipalities scrambling to make up those lost property tax dollars, the cost of which will ultimately fall on the backs of homeowners.” “While this program is a step in the right direction, there are thousands of landlords out there right now struggling to make ends meet. Our hope is that this will be one of a number of steps that the Administration will take to assist landlords struggling to survive.”
The New Jersey Apartment Association members continue to work with affected tenants by creating alternate payment plans and waiving late fees. However, state and federal rental assistance for those impacted by COVID-19 is absolutely necessary to help tenants, landlords, municipalities and the entire multifamily ecosystem.
The New Jersey Apartment Association (NJAA) is the premier trade association representing all facets of the multifamily housing industry, including market rate and affordable housing owners, managers and developers, as well as suppliers. NJAA’s membership owns and manages over 220,000 apartments, providing quality housing to over one million New Jerseyans.