U.S. House Passed CARES Act

Dear NAA Members,

The U.S. House of Representatives today passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, following the U.S. Senate’s approval of the federal relief package on March 25. This legislation includes nearly $2 trillion in relief intended to mitigate the enormous economic effects of COVID-19 (“coronavirus”) on the national economy and bolster the nation’s ability to fight the ongoing public health emergency.

As with any legislation of this size and scope, there are a number of positive and negative elements. The National Apartment Association (NAA) is now focused on ensuring our members can take advantage of the benefits. However, we are also very cognizant of the flaws in this legislation and are gearing up for the next advocacy campaign to address them.

For more information on new regulatory requirements and operational guidance, click here. 

Although monumental, this legislation is not the end of COVID-19 policymaking. Lawmakers are already in discussions over a Phase Four package. The entire grassroots network of the apartment industry and our real estate partners will need to mobilize to ensure appropriate corrections are made to the CARES Act and additional relief for housing providers is secured.

Similar to the battles faced by our state and local association partners to defeat eviction moratoria and other adverse policy, we will continue to make the industry’s voice heard and remind policymakers of the unintended consequences and immense challenges facing the industry during this unprecedented public health emergency.

To learn more about your responsibilities and how to seek relief, please visit our regularly updated Guidance for Dealing with the Coronavirus and COVID-19-Related Policy Page. Any questions may be directed to cv19questions@naahq.org.

As always, thank you for all that you do as you work through the emerging challenges in this new landscape.

Stay safe and healthy,

Robert Pinnegar, CAE
President and CEO
National Apartment Association