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Financial Services Committee passes rental and mortgage assistance in the House with H.R. 7301

By Nancy I. Maanao

The U.S. House of Representatives has sent to the Senate legislation that will provide renters, homeowners, and landlords with mortgages with financial assistance. H.R. 7301, which includes more than $200 million in housing relief to Guam as well, also will extend the prohibition on evictions beyond the current July 25 end of moratorium throughout the country.

The following is news from the Office of Congressmen Michael San Nicolas:

The passage of H.R. 7301 in the House now has the measure with the Senate, where the fate of mortgage and rental assistance awaits.

"Guam took the lead in the Financial Services Committee to push for a carve out of homeowner and renter assistance from the HEROES Act and pass it as a standalone measure to get it through," opened Congressman San Nicolas. "I would like to thank Chairwoman Waters, Chairman Clay, Congressman Heck and my fellow members of the committee for moving this with urgency, as eviction moratoriums are set to expire July 25th, and the $600 unemployment bonus is set to expire July 31, making housing affordability at risk with these expirations," Congressman San Nicolas continued.

Specifically to H.R. 7301:

- $89,200,000 to Guam for the Homeowner Assistance Program;

- $138,800,000 to Guam for the Emergency Rental Assistance Program

- Extends and expands the eviction and foreclosure moratoria for all renters and homeowners, as well as provides additional forbearance relief;

- Provides funding for homeless assistance and other federal housing assistance programs to ensure rents remain affordable and housing is maintained in a safe and decent condition;

- Creates a lending facility for mortgage servicers and rental property owners to help them finance their obligations and shortfalls in rent;

- Ensures robust fair housing enforcement and housing counseling to protect all renters and homeowners.

"With this measure in the Senate's hands we are halfway to where we need to be to protect our people from losing their homes, and our landlords from losing rents they need," Congressman San Nicolas added. "We will be reaching out to the Guam Republican Party to help us try to move this with the Republican Senate, as home stability is absolutely a bi-partisan issue for Guam," Congressman San Nicolas concludes.
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