For Immediate Release
March 24, 2020
Apartment Association of North Carolina
3717 National Dr. Suite 215
Raleigh, NC 27612
As the nation looks to elected officials to provide guidance and stability in this time of uncertainty, the Apartment Association of North Carolina (AANC) is grateful for the critical, bipartisan work being done at all levels of government to prepare and provide relief to North Carolinians throughout the state.
The spread of COVID-19 has had an unprecedented impact on the US economy and the multifamily housing industry is no exception.
Our members represent owner/operators who provide housing to nearly 900k residents and suppliers who outfit and maintain these properties. Collectively they create nearly 400k jobs in North Carolina and contribute $72B to the state economy annually. This snapshot does not speak to the countless other housing entities outside of our membership that will also be directly impacted by the rippling economic effect of this pandemic.
The multifamily housing industry recognizes the need for decisive action and strongly supports Chief Justice Beasley’s decision to postpone eviction and foreclosure among other court proceedings congruent to Governor Coopers Executive Order No 117. However, these decisions, while in the best interest of public health, lead to considerable impacts on both renters and housing providers alike.
Eviction moratoriums without emergency rental assistance will do very little for residents who will be unable to regain lost wages. Like renters, owners and operators will experience similar hardships that will affect their ability to pay mortgage payments, tax obligations and insurance premiums. Many industry suppliers are small local businesses unable to withstand a 60-90 day revenue loss. This rapidly growing virus will impact every sector of the multifamily industry.
On behalf of AANC, we implore policy makers to prioritize solutions that will provide the assistance multifamily housing will need to maintain the safety, livability and security of the residents our members serve. We would encourage any policies that would mitigate loss of rental income and provide emergency assistance to renters and small businesses that suffered loss of income as a direct result of COVID -19.
Lack of fiscal support could create an insurmountable strain on the housing market in North Carolina at a time when housing affordability is already of great concern. It is our belief that adequate emergency rental housing assistance will open the door for services and rent relief, with minimal delay or disruption.
Again, we appreciate your commitment to preventing the spread of COVID-19 and the subsequent recovery of our state. We hope you consider the recommendations above and support an industry that supports so many North Carolina residents. If we can be a resource of any kind, please do not hesitate to contact our organization. We are proud of the collective work we have done with the Administrative office of the Courts in the statewide summary ejectment group and would welcome any additional opportunity to further contribute solutions that impact the multifamily housing industry.