$2.2T House stimulus package would ban evictions for 12 months

Bill faces headwinds from the Senate and White House

National /
Oct.October 05, 2020 09:51 AM
Senator Mitch McConnell and House Speaker Nancy Pelosi (Getty)

Senator Mitch McConnell and House Speaker Nancy Pelosi (Getty)

Many renters in the U.S. are protected from evictions through the end of the year, and a stimulus package that passed in the house could extend those protections further.

The U.S. House of Representatives approved a $2.2 trillion coronavirus relief package last week that includes a full-year ban on eviction foreclosure filings over nonpayment, according to Bloomberg News.

The bill would also enact automatic forbearance for delinquent borrowers, and would include $50 billion in emergency rental assistance funds as well as a homeowner assistance fund with up to $80 million for each state.

“This relief is essential, and the Senate must act now to keep Americans safe at home,” said Noëlle Porter, director of government affairs for the National Housing Law Project, in an email to Bloomberg News.

The first stimulus package, the $2.2 trillion CARES Act, passed with bipartisan support in March and helped stave off a wave of evictions. The current federal eviction ban has been extended through the end of the year, but housing advocates worry that without further aid, tenants will face evictions en masse once it expires.

It remains to be seen whether this second $2.2 trillion stimulus package will advance; it would need approval from the Republican-led Senate, as well as the Trump administration, and thus far support from those camps has been elusive. Talks on the $3.4 trillion HEROES Act have stalled since the House passed the bill in May. The existing package is narrower in scope than the HEROES Act.

U.S. House Speaker Nancy Pelosi said Friday on MSNBC that negotiations are continuing, as reports about the president’s illness dominated the news. The bill passed just hours before the first reports emerged that President Donald Trump had tested positive for Covid-19. [Bloomberg News] — Akiko Matsuda


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
Assembly member Pamela Hunter and Sen. Julia Salazar (Facebook, Getty)
Next up: Coalition pushes for good cause eviction
Next up: Coalition pushes for good cause eviction
New York State Senator Michael Gianaris (Getty, iStock)
New York deals a blow to Opportunity Zones program
New York deals a blow to Opportunity Zones program
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
2111 Frederick Douglass Boulevard and 214 West 109th Street, two buildings as part of the portfolio (Photos via Google Maps; StreetEasy)
Black Spruce eyes $700M+ valuation for multifamily portfolio
Black Spruce eyes $700M+ valuation for multifamily portfolio
Canada’s Public Sector Pension Investment Board CEO Neil Cunningham (left) and Allianz SE CEO Oliver Bäte (PSP Investments, Allianz, iStock)
Canadian pensions, Asian wealth funds eye single-family home rentals
Canadian pensions, Asian wealth funds eye single-family home rentals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...