News Ticker

COVID-19 News Round-up for September 18

Credit: Construction Executive

Budget, Policy & Stimulus News 

Florence Offers “Returning Stronger” Grants 

Florence businesses have until October 31st to apply to the town for grants to reimburse them for expenses and losses resulting from the COVID-19 pandemic. The Town Council has authorized the creation of the Returning Stronger Grant Program for businesses that have assisted the town in fulfilling its role to protect public health, and which aim to enhance development and stabilize the local economy. Applications are available on the town website. (Source: PinalCentral) 

Multifamily Industry Needs Rental Assistance 

Without a stimulus bill, any further sliding by the economy could leave millions of renters unable to make payments and landlords without crucial revenue streams. “The conditions on the ground will only add pressure for the government to provide relief,” National Multifamily Housing Council VP of Government Affairs Kevin Donnelly said. “Without (Congress) reaching a deal, renters and property owners are left holding the bag, which threatens the finances of the whole housing system. And that’s a scenario we can’t accept.” (Source: Bisnow) 

Economic News 

Valley Metro Helping South Phoenix Businesses 

Despite opposition to the South Central Light Rail Expansion from many area businesses, a recent report in the Arizona Republic how Valley Metro is providing tools, coaching and other assistance to help them weather the impacts of construction. Many residents and business leaders are particularly grateful for the assistance in the face of additional hardships wrought by the pandemic. (Source: AZCentral) 

Net Lease Investors Coming Off the Sidelines 

When the full impact of the crisis was setting in back in Q1, all sectors of the net lease market felt the pinch. Slowly, however, investors seem to be coming out of hiding and creating some activity, as a recent Q2 Cap Rate Report reveals. Cap rates for the net lease sector overall held surprisingly steady, rising only three basis points on average, the by-product of the high-quality deals that did get done. In Q2, investors and lenders sought to place money only in the rarified spaces of highest credit and longest leases. (Source: GlobeSt.com) 

Rent Payment Struggles Persist 

Despite slight improvements in Apartment List’s rent payment survey data, 29 percent of Americans failed to make their rent or mortgage payments in full during the first week of September, and 8 percent had not completed their August payments by the end of the month. The share of renters who made a full, on-time rent payment improved slightly on a month-over month basis, up to 68 percent in the first week of September, the highest on-time rent payment rate since June. (Source: Multifamily Executive) 

Appeal Increasing for Rural Properties 

The COVID-19 pandemic and the resulting travel restrictions and stay-at-home orders have led many homeowners to rethink their spaces – in some cases opting for sparsely populated towns over big cities and putting larger, more secluded rural properties at the top of their home buying wish list. These changes are due not only to an increased emphasis on safety from the virus, but also because of the trend toward remote work and school, making living near an office or school no longer a necessity. (Source: AZ Big Media) 

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