Picture by way of PixabayBank of America has awarded $100,000 to the San Diego Housing Fee to assist low-income households experiencing hardship as a consequence of COVID-19 pay their lease, the fee introduced Tuesday.
The one-time emergency grant will go towards town of San Diego’s COVID-19 Emergency Rental Help Program, which the housing fee oversees.
“San Diego’s COVID-19 Emergency Rental Assistance Program included a philanthropic component to increase the relief we can provide to San Diego renters,” stated Metropolis Councilman Chris Ward, who proposed the rental help program to the council. “I want to thank Bank of America for their contribution and encourage residents and businesses that are able to assist their fellow San Diegans by making a donation to the program.”
Donations have supplemented the federal funding the council allotted to this program. In line with the SDHC, restrictions on using federal Coronavirus Help, Aid, and Financial Safety Act funds don’t apply to non-public donations that help this program.
“Bank of America’s generous financial support will provide important stability for more families with low income who are struggling financially because of COVID-19 and need help to remain in their homes,” stated Richard C. Gentry, SDHC president and CEO.
This system will present one-time funds to landlords and property administration corporations starting within the subsequent two weeks of as much as $4,000 per qualifying family to pay past-due or upcoming lease. Funds are scheduled to proceed via September and October.
“In addition to health impacts, the pandemic has created tremendous financial disruption to San Diego’s communities and businesses, with a disproportionate impact to lower-income households and communities of color,” stated Rick Bregman, San Diego market president of Bank of America. “The combination of job or income loss with mounting bills makes emergency rental assistance programs like this one particularly critical. We encourage other San Diego companies to contribute the housing commission’s impactful COVID-19 Emergency Rental Assistance Program.”
The Metropolis Council voted unanimously on June 30 to authorize the expenditure of $15.1 million in federal CARES Act funds for the emergency rental help program, which was meant to help roughly 3,400 households.
Greater than 8,300 households submitted purposes between July 20 and August 7. Of these, a preliminary overview recognized greater than 5,200 purposes met this system’s eligibility standards.
In line with the housing fee, all candidates who meet the eligibility necessities may have the chance to be chosen to obtain help. Precedence is given to households with minor youngsters and households with a minimum of one individual age 62 or older.
Purposes are sorted and assigned numbers at random to establish the candidates who will obtain assist.
–Metropolis Information Service
Bank of America Awards Housing Fee $100,000 for COVID-19 Aid was final modified: August 25th, 2020 by
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