Utah Apartment Association creates rent deferment plan due to economic impact of coronavirus

News

SANDY, Utah (ABC4 News) – The Utah Apartment Association (UAA) in conjunction with many residential rental property management companies in Utah, has announced a plan to help renters cope with the economic impacts of COVID-19.

The UAA officials say even though they commend state and local leaders in their efforts to address the health emergency, the health efforts have led to reductions in working hours and wages and created other financial hardships for renters.

These financial hardships have a brutal and immediate impact on many renters that rely on regular wages to meet their financial obligations including rent, utilities, food, and transportation needs, according to UAA.

They added that the financial concerns of renters, the housing industry must also balance its commitments and duties to lenders, employees, maintenance staff and maintaining affordable housing in professional, comfortable conditions.

Related: Is ‘social distancing’ causing isolation?

To accommodate renters who are in financial crisis as a result of Covid-19, while still meeting the commitments of the industry, the UAA, and partners are promoting rent deferment plans for the month of April 2020.

UAA says renters can qualify for rent deferment by demonstrating that their financial status has been directly impacted by the COVID-19 pandemic. A renter may demonstrate financial impact by showing that they ere exposed to the virus and the resulting quarantine requirements, or loss of hours or wages as a result of public health-related business closures related to the pandemic.

When renters qualify, landlords and management companies will provide plans to defer a portion, or potentially all, of April’s rent payment, to be paid at a later date, according to UAA.

Such deferments, according to UAA officials may allow April rent to be paid over the course of several months. The industry also intends to temporarily stay eviction proceedings for renters that qualify as described above.

UAA officials advise that renters who can pay should continue to do so, and any federal relief money sent to individuals should be used to stay current on rent and other obligations.

UAA officials say they are confident that Utah is resilient and will overcome the temporary effects of this pandemic. They added that they will continue to monitor and assess the housing situation in Utah and support further measures if needed.

More information on rent deferment programs including suggested qualification and a rent deferment addendum are available on our website.

LATEST CORONAVIRUS STORIES:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss