COVID-19 Crisis –
Multifamily The Good News
Despite significant impacts from COVID-19 business disruptions, the Better World Properties LLC team has good news to report after implementing effective, responsible, aggressive and proactive measures to keep things flowing. As of May 11th, rent collections are ahead of collections from the same time period in April. Providing responsible residents a chance to catch up has been life changing for many. Most have committed to paying full rent going forward, and all have expressed sincere gratitude. One grateful resident offered to take over lawn watering services in reciprocal kindness.
Better World Properties LLC president, Terri Clifton, and the Better World property management team have reviewed each delinquency to determine the best solution on a case-by-case basis, with each case receiving fair and appropriate consideration. We remain confident PPP funds will ultimately make up for most of the business disruption we have experienced.
Locally, additional assistance programs are coming on line in the Houston area. The City of Houston has committed $15 million for rent support. Distribution of funds has been tasked to the local charity, Baker Ripley. Eligible Better World properties were promptly registered, and our property management staffs have begun assisting qualified residents with applications so they are ready when online processing begins tomorrow. The Houston Apartment Association has started a fund to assist with rent through the Alliance of Community Assistance Ministries. Better World Properties LLC and several owner/clients have contributed to this fund in an effort to make it a better world for all.
Evictions continue to be on hold. We remain vigilant on ever-changing regulations and mandates and will restart the eviction process when necessary once the hold is lifted. We continue to review correct timing for each property regarding affordability status, HUD rules, financing arrangements, mortgage forbearance claimed, state Supreme Court mandates and local restrictions. So far, these numbers remain low.
Better World property managers are providing excellent care for apartment residents. Community outreach and staff support is helping align those with special needs with food and care through local churches and service organizations. Some apartment managers are stepped up personally when needed. Assistance is being provided with unemployment applications so prospective job applicants can apply for area jobs with up to date forms.
We are looking forward to more support businesses opening back up. Better World Properties LLC corporate staff and the apartment properties in our portfolio have remained fully operational since the COVID-19 outbreak began. However, we have done so in a vigilant manner with all safety precautions in place.
We are pleased with the way our apartments communities have come together in solidarity during this time of unprecedented uncertainty. Texans helping Texans. Come rain or shine, it’s what we do. We remain confident brighter days are ahead.
Your Better World Properties LLC Team