In a recent online article posted by REALTOR® Magazine, Melissa Dittman Tracey explores why the housing market has been able to withstand the current recession, spurred by the COVID-19 crisis. Tracey makes the statement that, "The housing market is recovering much faster than most other sectors in the economy in the current recession," followed by...
On June 24th, as summarized in a recent newsletter put out by the Indiana Association of REALTORS®, Governor Holcomb announced the $25 million COVID-19 Rental Assistance Program for all Indiana counties except Marion (Marion County will operate its own program). This plan will prove vital to the wellbeing of Hoosiers and renters around the state who are on the journey to recovery in the aftermath of the virus.
Both programs will be funded by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here’s a summary of the new state program administered by the Indiana Housing & Community Development Authority (IHCDA):
- Provides assistance of up to $500 per month, for 4 months, for households unable to pay all or part of their rent due to a COVID-19 related job loss or income reduction
- Requires landlord’s agreement to participate in program – will not evict for nonpayment until renter is more than 45 days delinquent on rent
- Payments made directly to the landlord
- An estimated 12,000 households could be helped
- Current household income, including unemployment, must be less than household income on March 6, 2020
- Household must not have already received emergency rental assistance as part of COVID-19 response
- Must not already receive rental assistance such as through Section 8 vouchers or USDA assistance
- Applications open on July 13, 2020
To learn more about Governor Holcomb’s plan, please visit the Indiana Housing website.
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