News Ticker

COVID-19 News Round-up for July 10

Credit: Gallagher

Budget, Policy & Stimulus News 

Scottsdale Allocates Relief Funds 

On July 1stScottsdale City Council accepted $29,628,014 from the AZCares Fund as part of the federal CARES Act. Uses range from utility assistance for residents to providing retrofitting to city businesses that house large quantities of people. (Source: Independent Newsmedia.) 

Multifamily Advocates Lobby for Expanded Relief 

Even though most renters have continued to pay on time — due, in part, to government relief programs — the largest of those programs, the Health and Economic Recovery Omnibus Solutions (HEROES) Act, is set to expire at the end of July. The Senate remains on its 4th of July recess, but apartment industry advocates continue to lobby for new and expanded programs to stave off a potential wave of missed payments and evictions. (Source: National Real Estate Investor) 

Economic News 

Arizonans Received $5.7B in Impact Payments 

The latest Economic Impact Payment figures released by the Internal Revenue Service states more than $5.7B has been paid out to Arizonans. Out of all the states and foreign addresses, Arizona ranks 15th in the amount of EIP payments issued and 16th in the total amount of EIP payments given out. (Source: KTAR) 

Pandemic is Bad News for 2020 Student Housing 

The student housing market will suffer in fall 2020 due to the coronavirus pandemic, Reis found in its Q1 analysis of student housing. Uncertainty over plans for on-campus instruction remained in early July, with COVID-19 cases continuing to rise in many states. While near-term metrics contain bad news, analyst Keegan Kelly wrote that the market is likely to recover when a reliable vaccine becomes available, hopefully by the start of the 2021-22 school year. (Source: GlobeSt.com) 

The Case Against Converting Malls 

There has been a lot of talk in recent years about converting dead or dying mallto new usesJake Reiter, president of Verde Capital, points out such conversions are costly and risky endeavors. He “doesn’t think malls are the most appealing property for most distressed investors.” Reiter points out patience and specific expertise are necessary components for success, and distressed investors in need of a faster returns would likely fare better elsewhere. (Source: GlobeSt.com) 

Resources 

Maricopa County Opens Grant Program 

Small businesses and nonprofits experiencing financial hardship due to the COVID-19 pandemic may be able to get some relief, thanks to a Maricopa County grant program that opens this week. The Maricopa County Small Business Relief Program has $23M in federal CARES Act funding to award up to $10K to qualifying small businesses and nonprofits as reimbursement for revenues lost in March and April. (Source: Independent Newsmedia) 

ADOR Working with Transaction Privilege Tax Taxpayers  

The Arizona Department of Revenue announced that in recognition of the difficulties many Arizona businesses are experiencing during COVID-19, including with respect to their ability to meet Transaction Privilege Tax payment timelines, officials are working with each business on a case-by-case basis to determine the best path forward for meeting current tax liabilities. (Source: Snell & Wilmer) 

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