COVID-19 is compounding the economic pressures households face, and may create a renewed housing crisis. As more people are laid off or see reduced hours, they will face difficulty making their monthly rent or mortgage payments and, consequently, may worry about their ability to stay in their homes. Most people, hopefully, will only face temporary job disruption and there is some federal aid to help. Those working in industries that will be hit hardest by the economic fallout from the virus, such as food and hospitality, tourism, and entertainment, are likely to suffer longer-term income reductions.
The good news is that on March 19, Governor Murphy issued Executive Order #106 declaring a moratorium on removing individuals from their homes pursuant to an eviction or foreclosure proceeding. No renter or homeowner will be removed from their residence while this Order is in effect. The U.S. Department of Housing and Urban Development, Fannie Mae, and Freddie Mac are also suspending all foreclosures and evictions for at least 60 days.
Given the long term economic consequences of this crisis, you may want to consider HomeSharing as a way to gain additional income (and/or some assistance in the home) as a Home Provider or find affordable housing as a Home Seeker.
Visit our website or Call us at: 908-526-4663 / www.homesharing.org
NJ Executive Order #106: www.nj.gov/infobank/eo/056murphy/pdf/EO-106.pdf