As the Boston apartment rental sector welcomed the inclusion of $25 billion in rental assistance in the federal relief package, this a 5,000-page bill. Let me tell you the keypoints as I understand them know as they apply to the downtown Boston real estate market,
The rent relief will be apportioned not only to states, but to cities with populations greater than 500,000, (Boston meets that criteria) based on their share of the overall U.S. population. That means more populous states like New York, Florida and California will get a bigger slice — $1.3 billion, $1.4 billion and $2.6 billion, respectively — of the $25 billion rent-relief pie.
Programs should prioritize aid for those who make less than 50 percent of area median income and have been unemployed for three months or more upon applying, the bill says.