Financial Help For Renters as Eviction Bans End
The federal ban on evictions has ended, even while many U.S. households continue to struggle financially amid the ongoing COVID-19 pandemic. In addition to government rent relief programs, BECU offers financial help for members in financial distress.
According to U.S. Census Bureau survey data released this month, about 1.4 million renters will face eviction in the next two months now that the federal ban on evictions is no longer in place. The CDC implemented the ban during the COVID-19 pandemic to prevent mass evictions.
Similar protections issued by some states and cities are also set to end soon, while other locations have extended their bans. In Washington state, these protections expire at the end of the day on Oct. 31, 2021, while Seattle has announced their eviction ban will extend into January 2022.
Federal Financial Assistance for Renters
The federal government provided more than $45 billion in federal rental assistance funding, but the responsibility for managing and disbursing these funds was placed on state and local agencies. Help has been slow to reach those in need because systems and programs were not in place for those government and non-profit agencies to efficiently determine eligibility and distribute funds.
If you or someone you know is a tenant facing eviction, we encourage you to read this BECU blog post that provides more information about the ending eviction bans and where you can go for help.
Landlords may also consider working with tenants who may be eligible for federal funds to recover missed rent payments and help them get back on track. This Consumer Financial Protect Bureau blog post provides information about eligibility and how to access federal rental assistance where you are located.
How BECU Can Help
If you are a BECU member facing a difficult financial situation, please visit our Financial Relief Solutions and Member Assistance pages to learn about the assistance available.
BECU offers members a Financial Health Check as a resource for managing through financial difficulties. This is a free consultation that you can schedule whether you are in financial distress or just want to set goals to improve your financial well-being. Our trained specialists can help you make financial decisions and take actions on savings, budgeting and debt management in real-time during a confidential one-on-one session.
BECU also partners with GreenPath, a national nonprofit dedicated to helping people lead financially healthy lives. Members can turn to GreenPath's certified experts for help with managing through a variety of financial challenges. GreenPath offers a range of services that are all free of charge to BECU members.