NEW Stimulus Bill in Congress: Free Rent & Mortgage [Details]

Rent and Mortgage Cancellation Act. Investing & Negotiating, use 32% off code ⚠️MoneyFromHome⚠️ expires 4-30-2020 🦠Life: 💰Free Stocks:

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Rent and Mortgage Cancellation Act (House Bill).
The covered period would be from March 13th to the end of the FEMA declared national emergency. Tenants would have no obligations to make rent payments during this period. Landlords are not allowed to charge late fees or make tenants catch up with payments (no doubt basically).

Owners wouldn’t have to pay their mortgage and are not liable for repaying those missed payments. No credit reporting affects with better verbiage than the crisis happening with mortgage forbearance.

The nasty part of this bill comes in with regard to landlords. A Housing and Urban Development (HUD) Fund would be established and in order for landlords to draw on that fund, landlords would have to agree to the following for 5 years:
-Rent may not go up for 5 years
-Can only evict for just cause
-Coordinate with pubic housing units if a tenant leaves
-Cannot restrict tenancy based on credit history arrest record
-Can’t collect back rent
-Can’t report to debt collectors
-Tiered system
--Assets revenues & net worth disclosure requirements
--Right to recapture if you break the rules
All multifamily units that go up for sale MUST give HUD a 60-day first-right of refusal so that:
An Affordable Housing Acquisition Fund can purchase the property to prevent mass exits of landlords, including:
-Non profits
-Public housing
-Cooperative housing association
-Community land trust
-Government
-Purchase assistance

Then, units must then be affordable units with income restrictions after wards. Which means previously non-affordable units would suddenly become affordable.

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❎I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Kevin MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Kevin's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Meet Kevin®. Any use of other media is by fair-use or license only. The Paffrath Organization is a licensed real estate brokerage doing business as Meet Kevin® in California under DRE #02032575. This is not an advertisement of property for sale. Any mention of properties listed or sale or otherwise shall not be construed as anything other than an opinion for entertainment purposes only.

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