Cinnaire has announced the launch of the Resident Rental Relief Fund (RRRF) to support families struggling to make rental payments as a result of COVID 19. Cinnaire contributed $250,000 to the fund and Delta Dental, the nation’s largest provider of dental benefits, contributed an additional $250,000 to the fund, designed to support renters throughout Cinnaire’s footprint who have suffered financial hardship due to the pandemic.
Cinnaire’s Resident Rental Relief Fund is promoting housing preservation and stabilization by providing resources to properties where Cinnaire has invested. The operating partner or property manager will be responsible for identifying eligible residents and administering temporary rent assistance to mitigate emergencies where residents have experienced a sudden reduction in household income, are incapacitated and temporarily unable to pay their rent. Each qualifying household can receive up to $1,500 through this program to cover unpaid rent.
The Centers for Disease Control (CDC) eviction moratorium has been extended through June 30th, and the CDC may seek an additional extension. A recent report from the Government Accountability Office (GAO) noted that the lack of awareness about eviction moratoria led many families to not benefit from them. In addition, while moratoria help in the short term, renters racing job or income losses continue to accumulate arrears during that time, putting them at risk of eviction in the future. Low-income renters facing job losses and income reductions are accruing large debts they will be unable to repay without additional support. Many low-income renters in Cinnaire-invested properties are in this vulnerable population and among those most in need of assistance. As they face job or income loss, many are left with the difficult choice to use their limited resources for rent, medicine, food or other necessities. Cinnaire’s Resident Rental Relief Fund will provide relief for families struggling so they can stay in their homes and have a bridge to regain financial stability.
“Our commitment to the people and communities we serve is about more than the creative financing solutions we provide supporting healthy communities,” said Mark McDaniel, Cinnaire President and CEO. “Our team is focused on making a difference in people’s lives. This program will go directly towards supporting vulnerable families throughout our footprint. We look forward to working with our development and management partners to bring this resource to people who need it the most.”
Cinnaire’s RRRF program is targeted to provide rental assistance to people most at risk of eviction and homelessness. The program offers temporary rental assistance to tenants living in Cinnaire invested properties who are experiencing a sudden reduction in household income or have experienced hardship and are temporarily unable to pay their rent. Cinnaire’s project operating partners or property management partners will be responsible for identifying eligible renters and administering the program. Applications will be accepted April 15th – May 14th. For questions on the program, click here.
