NEW JERSEY — As the economic fallout from the coronavirus pandemic continues to take a toll on the housing market, a new state grant is aiming to bring much-needed relief to small landlords in New Jersey.
The Small Landlord Emergency Grant Program, which will reimburse residential property owners in New Jersey for missed or reduced rent payments since the pandemic began, is now taking applications.
"We will provide the difference between what their tenant leases say and what they actually collected and provide those funds to them," Chuck Richman, executive director of the state's Housing, Mortgage and Finance Agency, which developed the program, told PIX11 News.
The multi-million dollar program aims to keep landlords from facing financial ruin in a state where Federal Housing Administration mortgage delinquency rates recently hit a record high.
To learn more about the Small Landlord Emergency Grant Program, or to apply, visit their website here.
The deadline to apply is August 26 at 1pm.