COVID-19 News Round-up for June 2

Policy & Stimulus News 

Tucson OKs $96M Crisis Funding Distribution Plan 

A plan to distribute $95.7M in federal CARES Act funding to help Tucson recover from the impact of COVID-19 has been approved by the city council. The plan includes $22M in community aid, $38M in funding for the continuity of city operations and services and $33M in reserves in anticipation of a potential resurgence of the coronavirus. (Source: Arizona Daily Star) 

Economic News 

Housing Market Possibly Seeing Rebound 

Regional real estate expert Jim Belfiore said the housing market saw a 40 percent drop in new homes sales the past 60 days — and that may be the bottom point of the impact of COVID-19. Belfiore said the impact has been dramatic but not as deep as expected and he is already seeing some improvements as the economy in Arizona reopens. (Source: Rose Law Group Reporter) 

Economy May See Q3 Recovery Start 

The economy is projected to slowly start to recover from the COVID-19 pandemic in the third quarter for this year, but office markets will not get back into positive territory until the third quarter of 2021, according to a new research analysis from the NAIOP Research Foundation. (Source: Rose Law Group Reporter) 

Multifamily Investors Await Clarity 

It may be months before buyers and sellers understand what apartment properties are worth in an economy hobbled by the spread of the coronavirus. Buyers and sellers are assessing the extent of the damage — and what it will mean for property values. (Source: National Real Estate Investor) 

COVID Will Drive Changes in Industrial  

In response to the coronavirus crisis, supply chains will change — and the industrial market will change along with them. Supply chain disruptions caused by the pandemic are expected to increase demand for warehouse space and, at the same time, drive lasting changes in storage, logistics and supply chain resiliency. (Source: GlobeSt.com) 

Resources 

ABC Launches ‘Safe & Healthy’ Construction Pledge 

Associated Builders and Contractors recently launched the Safe and Healthy Construction Pledge, an industry-wide call to action to redouble construction jobsite safety commitments under new protocols due to the coronavirus outbreak. Open to all U.S. contractors and industry associations, the pledge calls for prevention, preparedness and response plans to prevent injuries and disease and safeguard total human health. (Source: Associated Builders and Contractors) 

IRS Issues Revised Guidance for Employer Relief 

The Coronavirus Aid, Relief and Economic Security Act provides for an employee retention credit designed to encourage employers to retain workers during the COVID-19 crisis. The Internal Revenue Service published a detailed FAQ describing this relief. (Source: Snell & Wilmer) 

CALCAP May Newsletter 

CALCAP Advisors offers updates on rent collections, news on a possible housing market rebound, the status of mortgage forbearances and other industry and COVID-related information in the May edition of its investor newsletter. (Source: CALCAP Advisors)