Up to $30,000 in grant funds are available for local renters and landlords of residential and commercial properties.
Passed by the state legislature earlier this month, the Rental Assistance Program provides $20 million in CARES Act coronavirus relief fund monies to those in need.
According to Republican Sen. Rita Potts Parks of Corinth, assistance will be given to the thousands of Mississippi renters who faced large rent debts after months without work due to the pandemic. The money is available even if the renter has already returned to their job.
For landlords, the program can help those struggling to pay mortgages due to declined collections.
Parks said local small business and restaurants owners should consider applying.
“I am very hopeful our small business owners and restaurants will apply for this program,” she said. “This is another way we are trying to help them become more financially stable during the COVID-19 pandemic.”
Eligible rental businesses will include for-profit and not-for-profit corporations, LLCs, partnerships or sole proprietorships that is the owner, lessor, sublessor of a dwelling unit, commercial building or the building in the Mississippi. That business must have filled state taxes in the 2018 or 2019, or if formed on or after January 1, 2020, intends to file Mississippi taxes for tax year 2020, unless exempt under applicable law.
The program will cover lost rental income meaning payments that were due under a rental agreement to an eligible business between March 1st and December 30th that were not paid due to business interruption effects of the pandemic and eviction moratoria.
The Mississippi Development Authority will administer the program.
Application deadline is Nov. 15, but MDA could change it. Grant funds will be sent on or before Dec. 14.
“I believe this is a wonderful opportunity that we are able to offer business owners and renters,” added Parks. “It should greatly benefit them.”