COVID-19 Impacts on Housing Stability in the Twelfth Federal Reserve District

Eileen Hodge () and Elizabeth Mattiuzzi

Community Development Research Brief, 2020, vol. 2020, issue 06, 06

Abstract: In the face of layoffs and furloughs due to the COVID-19 pandemic, many renters and homeowners across the country have struggled to make their mortgage or rent payments. Banks have provided flexibility to borrowers through loan deferrals and forbearance during the pandemic. The federal CARES Act provided stimulus payments to low- and moderate-income people and expanded unemployment insurance payments by states, allowing many to continue paying their bills during the early months of the pandemic. The CARES Act also included rental assistance to be disbursed by states, a moratorium on evictions for renters in federal housing assistance programs, and a foreclosure moratorium on properties with federally-backed mortgages. Some states and localities passed eviction moratoria of their own. These measures placed a temporary pause on many evictions and foreclosures. However, concerns about housing stability remain for renters and homeowners, many of whom continue to experience unemployment or income loss due to the pandemic, which has had disproportionate health, housing, and economic impacts on communities of color. This brief provides a snapshot of the issues facing low- and moderate-income renters, homeowners, and small, “mom and pop” landlords in the Twelfth Federal Reserve District. Our Community Development team conducted twelve semi-structured interviews with nonprofit community organizations and a public housing agency in July 2020. Most of the organizations we spoke with primarily serve low- and moderate-income households and offer housing counseling and other services. Some organizations operate and manage affordable housing developments and serve the rental tenants on their properties, while other organizations primarily serve homeowners or first-time homebuyers. We asked whether homeowners, renters, and small landlords were falling behind on housing payments or experiencing financial instability, and we asked what assistance was available or lacking to support them.

Keywords: covid-19; renters; homeowners; mortgage payments; rent payments; CARES Act; housing stability; diversity (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.frbsf.org/community-development/wp-con ... reserve-district.pdf Full Text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedfcb:89099

Ordering information: This journal article can be ordered from

DOI: 10.24148/cdrb2020-06

Access Statistics for this article

More articles in Community Development Research Brief from Federal Reserve Bank of San Francisco Contact information at EDIRC.
Bibliographic data for series maintained by Federal Reserve Bank of San Francisco Research Library ().