National CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Resident Relief Foundation Broadens Its Mandate

National  + Weekender  | 

Launched in 2017 to provide rental assistance grants for responsible residents facing a temporary emergency, the Resident Relief Foundation is now taking on a more widespread challenge amid the COVID-19 pandemic: the millions of renters who may face eviction or homelessness when moratoriums run out.

“The federal and statewide rental eviction moratoriums are a welcome relief to renters suffering from the economic fallout of the pandemic, but further relief efforts are necessary to support the immense number of affected renters,” said Tina Oswald, executive director of the Resident Relief Foundation. “Our greatest concern is what happens to residents when those financial protections are no longer available, and the overwhelming task of figuring out how to repay rent payments begins.”

Accordingly, the foundation has launched the Resident Relief Initiative, a multifamily industry fundraising effort. It seeks to raise $10 million in donations to keep more renters in their homes via coverage of a month’s rent.

Citing data from economist Miguel Faria-e-Castro at the Federal Reserve Bank of St. Louis, the foundation says 47 million people risk losing their jobs—or more than twice the 22 million that have filed for unemployment benefits in the past few weeks. Once protections for lost income are gone, renters may find themselves deeply in debt as they owe back pay for rent not paid during the crisis, says the foundation.

There’s also the potential for a domino effect among multifamily operators, who also have bills to pay during the pandemic-driven economic shutdown. The foundation notes that nearly half the nation’s 49 million rental units are owned by “mom and pop” operators that face potential bankruptcy as a result of tenants’ inability to pay the rent. Accordingly, says the foundation, the Resident Relief Initiative can benefit them as well.

Along with Gelt Inc., whose principals launched the foundation three years ago, the Resident Relief Initiative’s charitable partners include MYND Property Management, Veritas Impact Partners, GSH Group, Luxer One and Domuso Inc.

Subscribe to Connect Weekender

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Donate to Resident Relief InitiativeConnect With Resident Relief Foundation

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy