As the pandemic and accompanying legislative changes continue, Fox Management wants to ensure our owners remain informed on everything that comes our way. Please review the following information regarding the newly introduced Landlord Compensation Fund and the actions needed for Fox Management to assist with your application for payment via OCHS.
What we know now:
The Oregon Legislature enacted an eviction moratorium and established the Landlord Compensation Fund (HB 4401). The Legislature allocated $200 million in rent assistance to support tenants and landlords, which includes $150 million for the Landlord Compensation Fund. OHCS will be developing program materials in the near future as they prepare to launch the Landlord Compensation Fund in February 2021.
This program will be launched through an online application portal to streamline the collection of landlord provided data on rent collections. The program will fund up to $50 million in requests for unpaid rent. Participating landlords must accept 80 cents for every dollar of qualified rent-owed and this first funding round will include rent owed from April 2020 - February 2021.
Please review our informational video by following this link:
As your manager, we want to ensure we are prepared when the application portal opens to expedite the process and get in the front of the line for consideration. Please Contact Fox Management at your earliest convenience to allow us to proceed with processing your application with OCHS. Note that, if approved, OCHS will award 80% payment toward your tenants’ past due rent between April 2020 and February 2021 and you will need to forgive the remaining 20%. This program is designed for RENT ONLY, at this time. There may be other remedies for the non payment of utilities.
Additional forms including a tenant declaration of financial hardship, tenant release of information, tenant attestation form and a rent roll-out template stating periods of unpaid rent are required to be signed and returned by your tenant(s) for eligibility. A W-9 Form will be completed with the ownership entity of the property's name including the tax ID number for IRS reporting purposes. Each ownership entity must submit the rent roll as a whole portfolio, even those unit that are up to date on payments. Fox Management will coordinate the entire process once the owner approves the application submission and provide updated information as we receive further communication from OCHS.
This communication is not to be interpreted as legal advice or tax advice Fox Management advises our owners to further research the guidelines as desired at:
https://www.oregon.gov/ohcs/housing-assistance/Pages/landlord-compensation-fund.aspx .
Please also note that tenant cooperation and/or OCHS approval is not guaranteed. By approving Fox to apply for the Landlord Compensation Fund you acknowledge that you, the property owner, are waiving your right to terminate tenancy for nonpayment during the processing period of your application.