Recently the San Mateo County Board of Supervisors approved allocating $2 million in CARES Act funding to establish the Small Residential Rental Property Assistance program. Landlords can apply for grants that would cover 80% of rental losses (up to $6,000 per unit) for up to 10 units ($60,000 total). Grants do not need to be repaid. The loss must have been incurred between April 1st and August 31st and in exchange for the grant, the landlord must forgive the renter’s back rent, (up to $7500). For example let’s say a renter owes $5,000, under this program, the county would issue a grant to the landlord for $4,000 (80% of the back rent) and the landlord would forgive the full $5,000 balance. If the tenant owed $10,000, the county would issue the max grant amount of $6,000 and the landlord would forgive up to $7,500, meaning the tenant would still be required to pay the $2500 balance remaining.
To qualify, property owners must live in San Mateo County and their rental units must also be located within the county. Rents must be a primary source of income and the property owner must not receive an annual gross rental income of more than $400,000 in 2018 and 2019. In addition, rents must be at or below market rate in order to be eligible.
Rents cannot exceed the following amounts:
The deadline to apply is approaching FAST. Applications must be submitted by Wednesday October 28th. Grants will be paid via check issued from the San Mateo Credit Union Community Fund. To apply visit: www.smcstrong.org/smallpropertyownergrant. The webpage is a little busy so it can be hard to notice where to apply at first, as you scroll you will notice three blue stripes just under the banner at the top of the page. In the lightest blue stripe you will see the “apply” button. If you click that button you will be taken to the application portal. The program is not “first come, first served” meaning even if you submit an application on the deadline, it will still be considered. Grants received first do not have priority.