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Office Closure: Beginning July 2, the Delap office will close for an interior remodel. The remodel project has been in the works for months and will include an updated reception area as well as new and improved conference rooms. The project is scheduled to last a few months, with the office anticipated to reopen sometime around the holidays. We will continue to assist our clients with their accounting and advisory needs during the remodel, and we appreciate your patience and understanding during this renovation process.
Good news for owners of multifamily affordable housing projects in Washington County, Oregon: The county is offering a program through its Coronavirus Relief Fund aimed to reduce the impact of the pandemic by providing relief to eligible landlords and their tenants. The Rental Economic Relief Program prioritizes properties serving populations disproportionately affected by the pandemic, specifically Black, Indigenous, Latinx, people of color, and families with children.
This program provides up to $300,000 per project, unless the program is oversubscribed, in which case eligible applicants will receive up to $500,000 for all projects submitted.
The stipulations of these funds require them to be used toward back due rent, with payments being directly credited toward tenants' past due balances.
Washington County has sole discretion on decisions regarding other fund use, such as modifications, maintenance, and repairs. These awards could be reduced or revised prior to the final payment to avoid duplicating payments from outside entities.
Eligible applicants for this relief are nonprofit and for-profit entities and the Housing Authority of Washington County. An application may be filed for each eligible property owned. Applicants who are owners in a Limited Partnership must be the Managing General Partner or equivalent to be eligible to apply.
Eligible properties are defined as "properties located in Washington County consisting of 5 to 300 units with deed restrictions requiring a minimum affordability period of 15 years."
Another eligibility requirement is the occurrence of net loss in rental income due to the pandemic (after the application of other fund assistance) between the dates of March 1 and December 30, 2020.
Property owners can apply online at: https://secure.procurenow.com/portal/washington-county-or/projects/6314
Applications are due Friday, December 18, 2020, by 5:00 p.m.