Access to Capital
Renters in Post-Pandemic America Continue to Struggle A 2020 report by the Harvard Joint Center for Housing Studies revealed that typical renter households pay more than 30 percent of their income for housing, which makes it challenging for middle and low income households to find affordable rental housing. Making matters worse, the economic impact of the COVID-19 pandemic put more than 3.5 million Americans at risk of eviction according to a 2021 Census Bureau survey. "...typical renter Evidence has also Federal grant money, nonprofits shown that the impact households pay more have created private sector parthas been disproporthan 30 percent of their nerships to launch programs that tionate among minority are already having an impact in income for housing..." renters, who are double communities of significant need. the number of minority homeowners. All of these facts underscore the One example is the joint response by National need for more nonprofit support resources that Foundation for Credit Counseling (NFCC) and the help protect renters in seeking affordable and Housing Partnership Network (HPN). Their Renter sustainable housing solutions. Advantage program, supported by funding from the Although communities throughout the nation implemented eviction moratoriums in response to the pandemic, many have expired, and even more are about to end. More than $45 billion in Federal funds were made available in 2021 for Emergency Rental Assistance, with less than half spent or obligated. While families continue to wait for vital support funded by the remaining
"More than $45 billion in Federal funds were made available in 2021 for Emergency Rental Assistance, with less than half spent or obligated." NAWRB MAGAZINE |
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