News and Events

Garcetti bans rent hikes for rent-stabilized units

By Tina Daunt Via The Real Deal Los Angeles Mayor Eric Garcetti is banning landlords of rent-stabilized units from increasing rents during the coronavirus emergency.

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Senate Passes $2 Trillion Stimulus Bill That Includes Relief For Retail, Hotels, Multifamily

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CARES Act Stimulus Update

By Stephen Hall, CEO; Robert W. Hall, Founder, Robert Hall & Associates President Trump signed into law on March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act, (the CARES Act, HR 748), a $2 trillion stimulus package to mitigate the impact of the COVID-19 pandemic. The CARES Act provides stimulus payments of $1,200 for each individual and $500 for each child, defined by the child tax credit rules as under age 17. The stimulus payments are not available to those without an SSN, nonresident aliens, or adult dependents. Who and How Much?

• Single. Individuals with AGIs up to $75,000 a year are eligible for the full $1,200 payment. The payment is reduced by $5 for every $100 in income above $75,000. The payment amount is entirely phased out at an AGI of $99,000.
• Married filing joint couples with AGIs up to $150,000 a year are eligible for a $2,400 payment. The payment is reduced by $5 for every $100 in income above $150,000. The payment amount is entirely phased out at an AGI of $198,000 (if the taxpayers have no dependent children). Married couples also will receive an additional $500 for every dependent child under 17 and are phased out of the payment at a slightly higher AGI.
• Head of household filers with AGIs up $112,500 a year are eligible for the full $1,200 payment and an additional payment of $500 for each dependent child under age 17. The payment is reduced by $5 for every $100 in income above $112,500. Head of household taxpayers will also receive an additional $500 per dependent child under age 17. With no eligible children, a head of household filer is phased out at AGI of $137,000. With one eligible dependent child, a head of household filer is entirely phased out of the payment at AGI of $146,400.

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Mortgage Forbearance under the CARES Act

By Gary Ganchrow, Parker, Milliken, Clark, O'Hara & Samuelian, a Prof. Corp. I received several questions last week about potential relief for property owners (especially in light of the need to accommodate tenants under the emergency laws), so I believe the synopsis below may be of interest to you.  It is not intended to be legal advice for your particular situation. As you probably know, President Trump signed into law last Friday the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under section 4022 of that Act, consumer borrowers with federally backed mortgages on properties designed principally for the occupancy of 1 to 4 families can receive a 180-day loan forbearance (plus up to an additional 180 days upon request) by affirming that they are experiencing a financial hardship directly or indirectly related to COVID-19.  During this time, no fees, penalties, or interest will accrue beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full. Under section 4023, consumer borrowers with federally backed mortgages that were current as of February 1, 2020 on properties designed principally for the occupancy of 5 or more families can receive a forbearance ending either on the termination date of the national emergency or December 31, 2020 - whichever is sooner.  The forbearance is for up to 30 days initially, but can be extended for two more 30 day periods as long as the borrower timely requests.   A borrower that receives such a forbearance may not, for the duration of the forbearance, evict or initiate the eviction of any tenant for nonpayment of rent, or charge any late fees, penalties, or other charges for late payment of rent. The borrower also cannot require a tenant to vacate until at least 30 days after the date on which the borrower provides the tenant with a notice to vacate. In general, under the CARES Act, lessors may not initiate a legal action between March 27, 2020 and July 25, 2020 to recover possession from a tenant for nonpayment of rent or other fees or charges, or charge fees or penalties to the tenant related to nonpayment of rent.  This prohibition is distinct from the provisions in Section 4023 mentioned above. Gary Ganchrow, Attorney-at-Law Parker, Milliken, Clark, O'Hara & Samuelian, a Prof. Corp. tel.  (213) 683-6535 gganchrow@pmcos.com

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My Tenants Tell Me They Cannot Pay The Rent Due To COVID-19 – What Should I Do Next?

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COVID-19 GUIDELINES

Via CBRE We wanted to reach out to you directly to inform you on how COVID-19 is effecting multifamily and provide some tips and guidelines to help you. The COVID-19 virus has presented extraordinary challenges that were hard to imagine a few months ago. We know that you might be struggling with the same issues of your multifamily units. We stand ready to provide tips and guidelines through this unprecedented time and have established a real-time resource center at www.cbre.com/covid-19 for the most up-to-date information and insights. Please see below for some tips and guidelines:

• Property Management/ Repairs & Maintenance considered essential business services.
• It is important to keep up on all building maintenance and management issues.
• Apartments can be shown and leased during quarantine.
• Please exercise social distancing by keeping 6 feet apart when doing all management business.
• Existing leases are still in full effect.
• Current and Existing evictions can still be processed.
• Rent is due on April 1st.

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Although the Assessor is not the Tax Collector, this notice is a courtesy on behalf of the Tax Collector

Statement from Keith Knox, Treasurer and Tax Collector on COVID-19 and April 10 Property Tax Deadline Si desea obtener información adicional sobre este aviso o si necesita la información traducida en español, por favor llame al 1(213) 974-2111 entre las 8:00 a.m. y 5:00 p.m. Tiempo Pacífico, de lunes a viernes, excluyendo los días festivos del Condado de Los Ángeles. "I understand that this is a very stressful time, especially for those suffering direct effects from this public health crisis, and my office is committed to helping in any way we can.  Los Angeles County property owners affected by the COVID-19 virus may have late penalties cancelled if they are unable to pay their property taxes by the April 10 deadline. We have no authority to extend the April 10 deadline, as outlined by State Law.  However, beginning on April 11, the day after property taxes are due, people unable to pay on time for reasons related to COVID-19 may submit a request for penalty cancellation online. The department has set up a special team to process these requests for those who demonstrate they were affected by the outbreak. We encourage all property owners who can pay their taxes on time to do so. This revenue helps keep the government running and providing vital services that the public relies on, especially in times like these. Since County buildings are currently closed to the public during this emergency, there will be no in-person payments. Instead, taxpayers can pay online, via telephone or by mail. There is no cost for e-Check payments online.  For online credit/debit card transactions, our card payment processor charges a 2.25 percent service fee. We have developed responses to our most Frequently Asked Questions (FAQs). Please click here for our FAQs Taxpayers can also visit https://ttc.lacounty.gov/, to review payment methods and several other online self-service options.  Taxpayers may also call (213) 974-2111 for additional information"

 

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Governor Newsom Issues Executive Order to Protect Renters and Homeowners During COVID-19 Pandemic

via OFFICE OF GOVERNOR GAVIN NEWSOM

The Executive Order authorizes local governments to halt evictions, slows foreclosures, and protects against utility shut offs

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Covid-19 Eviction Moratoriums by City

Via Apartment Owner's Association   Cities across the state have announced moratoriums on residential evictions due to those impacted financially by coronavirus.  This information is fluid and will likely be updated several times as more information comes in. Los Angeles – Sunday, March 15, Los Angeles Mayor Eric Garcetti tonight issued a moratorium on evictions and wide bans on dine-in restaurants and entertainment facilities in the city. The order came just minutes after L.A. County officials announced they were shutting down all offices starting [Monday, March 16th]…”L.A will also roll out a loan program later this week to assist the city’s 400 hardest-hit small businesses,” Garcetti said. San Francisco – Friday, March 13, Mayor London N. Breed announced a moratorium on residential evictions related to financial impacts caused by COVID-19. The moratorium will prevent any resident from being evicted due to a loss of income related to a business closure, loss of hours or wages, layoffs, or out-of-pocket medical costs caused by the COVID-19 pandemic. The Mayor issued this moratorium under the powers of the Local Emergency she declared on February 25th. Santa Monica – Monday, March 16, effective at noon, City of Santa Monica issued a supplement to the local emergency proclamation that requires two week closure of [non-essential businesses]. Read More

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Will The AI Revolution Kill The Back Office?

By Jarred Schenke via Bisnow "All it could take to empty out millions of square feet of back-office space in the next 10 years is a few powerful computers.Thirty-six million jobs, or 25% of all jobs in the U.S., are under heavy threat of being replaced by artificial intelligence, according to a 2019 report from the Brookings Institute. Another 52 million, more than a third of all U.S. employment, are considered at medium risk of being taken over by AI…" READ MORE

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