NEW JERSEY APARTMENT ASSOCIATION APPLAUDS INCLUSION OF RENTAL ASSISTANCE IN FEDERAL COVID-19 FISCAL RELIEF PACKAGE

(MONROE TOWNSHIP, NJ) – The New Jersey Apartment Association (NJAA) applauds the passage of the bipartisan federal COVID-19 relief package, which includes up to $594 million in emergency rental assistance that will be allocated to New Jersey.

NJAA Executive Director David Brogan said, “We are pleased to see that much-needed emergency rental assistance was ultimately included in the COVID-19 relief package that was approved by Congress last night. Once enacted and implemented, we encourage the Governor and the Legislature to swiftly deploy all available resources to help renters who have accrued rent arrearages and landlords who have struggled with losses due to nonpayment of rent during the COVID-19 crisis.”

“We must stop looking at this crisis as being a conflict between tenants and landlords. We are truly in this together. Now, with a significant funding source, which NJAA has been calling for since April, we can start helping both tenants and landlords in a meaningful way.”

“Given that most of this funding will be directed toward low- and moderate-income renters, and will have income restrictions, we would also call upon New Jersey to reallocate its own housing resources to help those renters whose incomes may exceed the federal income thresholds, but who are still struggling trying to make ends meet during the pandemic.”

Brogan continued by saying, “beyond the direct benefits to tenants and landlords, this assistance will help to mitigate the likelihood of a massive property tax shift onto homeowners if multifamily properties fail.” Brogan explained, “The multifamily industry pays over one billion dollars per year in property taxes. Without meaningful broad-based assistance, multifamily property values will drop dramatically, shifting the property tax burden squarely on the backs of homeowners. We have the ability to mitigate that property tax shift if the State government takes appropriate steps now.”

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.