We are currently living in unprecedented times as a country due to the COVID-19 pandemic and we understand that millions of Americans have been affected financially due to this situation. For our Residents that can prove that they have a financial hardship due to COVID-19, Inspire Communities has created a COVID-19 Financial Assistance Program that we hope alleviates some of the financial worries.
The Federal Government is providing payments to everyone in the USA making under $100,000 to offset the temporary loss of income due to furloughs and layoffs. We have launched a COVID-19 rent deferral program, not a rent forgiveness program, to support those residents that are forthcoming and truthful about their financial hardship from COVID-19. We appreciate your past residency and want you to continue in our communities long past this pandemic.
What is the COVID-19 Financial Assistance Program?
It is an assistance program that will provide deferral of rent payments for residents who can provide evidence of a financial hardship as a result of COVID-19.
Please note this plan has features outlined below and in all cases, residents are expected to ultimately pay all rent contractually due.
How is financial hardship defined and who qualifies for this program?
Financial hardship is defined as a loss of income through layoffs or reduced hours due to COVID-19.
Residents that complete an application for the program and are current on their rent through March 31, 2020 and pay at least 50% of April 2020’s rent by April 30, 2020 plus utilities and other charges, if applicable.
Residents must provide proof of loss of income due to COVID-19 such as:
If unemployed, proof of unemployment filing or unemployment benefit verification.
If job hours are reduced, a letter from employer indicating the current average hours worked per week and rate of pay.
If furloughed, a copy of the document used by employer notifying furlough.
If terminated, a copy of the document used by employer notifying termination.
If quarantined, a doctor’s note verifying request to be quarantined.
Residents sign a Payment Deferral Agreement that confirms their commitment to pay all deferred rent by July 31, 2020.
What options is Inspire Communities providing for those who meet the above requirements?
Residents may defer 50% of April’s rent and 50% of May’s rent by agreeing to pay June rent by June 15, 2020, July’s rent and all of deferred rent by July 31, 2020.
By signing the agreement, all Late Fees will be waived if all the terms of the Payment Deferral Agreement are met.
If the deferred rent is paid by June 30, 2020, July rent will be discounted 15%.
May I use my Security Deposit to help pay my rent?
Yes, Eligible residents may use their Security Deposit to pay April rent.
Any Security Deposit used to pay April rent will need to be replenished at lease renewal.
If I use my Security Deposit to pay April rent, am I still eligible for the Financial Assistance Program?
Yes, you may still apply for the COVID-19 Financial Assistance Program to defer 50% of May’s rent by paying 50% of May rent and deferring the other 50% to be paid in full by July 31, 2020.
You will still be eligible for the 15% reduction in July rent if all current and deferred rent is paid in full by June 30, 2020.
Who do I contact to apply for the Financial Assistance Program?
Contact your Community Staff for the Application and the amount of rent you would like to defer.
The Team will provide you with the Proof of Financial Hardship which you will fill out attesting to your financial loss.
Once you have submitted the Application and Proof of Financial Hardship, it will take approximately 3 days for an approval or denial.
How will I be notified about my Application?
If Approved, a Payment Deferral Agreement will be provided for signature.
To practice Social Distancing, please provide your email on the Application and all documents and approvals or denials will be sent electronically.
If I am Approved for the Financial Assistance Program, how will this affect my credit?
Your delayed payment through participation in this deferral program will have no negative affect on your personal credit rating with the rating agencies.
Will my information be shared with others?
Please be assured that all your information will be held in strict confidence.
If I still have questions, who should I contact?
Contact your Community Office.