CCAR STANDS WITH NAR AS VOICE FOR HOMEOWNERS & RENTERS FACING ECONOMIC HARDSHIP
MYRTLE BEACH, S.C., June 1, 2020– Coastal Carolinas Association of REALTORS® (CCAR) supports the National Association of Realtors® (NAR) and its recent advocacy for federal mortgage and renters’ relief funds during the COVID-19 pandemic.
On May 7, the NAR and Mortgage Bankers Association sent a letter to members of the U.S. Senate that requested legislation to fund emergency assistance for Americans facing financial hardships due to COVID-19. More than 33 million Americans have now filed unemployment claims and 3.8 million homeowners have requested mortgage forbearance; the Federal Reserve projects unemployment claims will reach 47 million this year.
On the positive side, despite the South Carolina moratorium on evictions ending May 15, there is money available for renters from the state via SC Thrive and from Horry County, thanks to the U.S. Department of Housing and Urban Development (HUD) Emergency Solutions Grant (ESG) program. Federal protections on evictions are still in place through Aug. 24 for residents in public housing or properties with federally backed mortgages.
“CCAR continues to advocate for market stabilization and relief for not only renters but the property owners, so that more Americans can stay in their homes,” says Madison Cooper, CCAR Government Affairs Director.