Boston Real Estate for Sale

Downtown Boston Real Estate for Sale


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,

Here are some key details as it applies to downtown Boston real estate

But the funds themselves, from the U.S. Treasury Department, may take a month to arrive. That means renters and landlords should not expect a check until late January at the earliest.

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.

Distributing the rent relief money efficiently may also prove to be a challenge for the state.

The bill urges state and local governments to target the aid to those who need it the most. The program, in general, should provide relief only to households making less than 80 percent of the area median income or that can demonstrate housing instability or risk of homelessness. Renters can do this by showing an eviction notice or past-due utility bill, or by documenting unhealthful or unsafe living conditions.

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.

Downtown Boston Real Estate and the Bottom Line

Landlords also need not worry about tenants using rent aid for other expenses. The checks will be made out directly to property owners, unless they prefer otherwise. Property owners can also apply for the funds on behalf of tenants — as long as tenants are aware of the aid application and sign it.

Downtown Boston Real Estate for Sale


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