Landlord Compensation Fund Program Accepting Applications

Landlord Compensation Fund Program Accepting Applications

Feb 23, 2021

Enrollment open now through March 2, 2021

The Landlord Compensation Fund Program provides relief to residential landlords who have been unable to collect tenant rent due to tenant financial hardships. Landlords can directly apply for these resources through an online application portal. Landlords whose applications are accepted and awarded will receive 80% of unpaid rent they are owed by qualified tenants from April 2020 through the application period. They will be required to forgive the remaining 20% of unpaid rent.

To help support applicants working through the process, the Oregon Housing and Community Services website provides a screen-by-screen Instruction Guide to the application system as well as a video overview of the rent roll template. Please review these as you work to compile your application for this program.

As a reminder, the current application round will be open through 4:00 p.m. on March 2, 2021 and there is no advantage to applicants who submit their application early. Below is a high-level overview of the process and information you will need to have available.

What do I need to apply? This program is open to Landlords who own and operate residential property, and the information requested in the application is included in the overview below of the 5 primary steps to completing your application:

  1. Provide notice to tenants with past-due rent: they have created a standard Building Notice, which must be provided to all current tenants with past due rent to let them know of the opportunity to have their past due rent covered through this program. When you submit your application, you will need to attest that this notice has been provided. This notice is available in English, Spanish, Vietnamese, Russian, Traditional Chinese, and Simplified Chinese on the program website.
  2. Follow the Application Instructions to create an account in the application portal and Add Your Property: once you set up your account, you will be able to add your property(s). The following is the documentation you will want to have handy:
  • W9 information or form for the ownership entity (this will be used to help verify property ownership).
  • If you want your payment sent electronically you will need to provide the ACH / electronic routing information (or indicate you would like to receive your payment by check).
  1. Add Tenant Data to Your Property: once the property is added, you will need to add your rent roll history for the property using the provided template available on the website as well as within the application portal. Please be sure to follow the instructions provided, you can watch a demonstration in this video, including: one row per unit, per month from April 1, 2020, through February 2021. Information is required for all units, including those that do not owe rent. In addition, for current tenants with past-due rent, they request that you provide household name, email, and phone number.
  2. Add Tenant Declarations of Financial Hardship: once the rent roll information is added to a property, you will need to add to each eligible unit their signed Declaration of Financial Hardship. This form is available in multiple languages on the program page under Application Portal and Required Forms. The system will allow you to upload files in many formats, including PDF and picture files. NOTE: if you do not have a signed Declaration of Financial Hardship from a current tenant with eligible past-due rent, you will also have the ability to send a notice to tenants (via email) and allow them to provide it directly into your application electronically.
  3. Add to your Compensation Request and submit: once you have completed those steps for all current tenants with past due rent, you will be able to add the rent for those with Declarations into your Compensation Request. When you are finished, you can click SUBMIT to finish! Remember, you will only be eligible for grant money for tenants with Declaration of Hardship forms submitted into the system.

What is the timing? the application for the first month of the LCF program will be open for 2 weeks. Applicants have from February 17, 2021 – March 2, 2021 to submit their application (Please only include rent payments through February in this first round application). There is no harm, or benefit, to submitting your application early in that timeframe. The full details on the program can be found in the program guidelines. Scoring is established in order to preference applications from applicants with fewer units in their portfolio as well as those portfolios with a higher percent of unpaid rent since April 2020.

What if I need help? Questions are encouraged to be submitted directly to program staff at HCS.LCF@oregon.gov. Please be sure to let them know what your inquiry is and they will be able to route it to the right group for follow-up.

What else do I need to know: to get even more information on this program, please visit: https://www.oregon.gov/ohcs/housing-assistance/Pages/landlord-compensation-fund.aspx

On this program page, you can find our Frequently Asked Question document, along with the complete program guidelines, program summary, application documents, and a link to the application portal! We will also be adding tutorials, videos, and materials.

If you are a tenant in need and you can’t afford your rent or utility expenses, contact your local community action agency or call or text 2-1-1 for assistance.

The Bend Chamber is actively supported by these Signature Investors

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *