By PadMint Pro

Big help for landlords and low-income tenants on the way for LA?

Thousands upon thousands of renters in the City Of LA could start receiving rental help through a new city-run subsidy program, a massive relief to multifamily landlords.  Details about a $100 million rent relief program are set to release on Wednesdays, per the LA Times.

According to the LA Times, tenants could qualify if they prove they earn less than 80% of LA County's area median income and were also affected by economic of health effects caused by the pandemic. Area median income for a family of four is $77,300 while an individual who earns less than $63,100 would also qualify for the program.  A family of five would qualify if their total income is less than $97,350.

The rental payments would go directly to landlords and the money would come from the $694 million the city is receiving from the federal government through the $2 trillion stimulus program.  LA County is formulating its own rental assistance program.

The city's Housing and Community Investment Department calculated that 74,074 households could have their rent subsidized for two months if their rent was $1,350 per month.  Around 33,333 households with $2,000 in monthly rent could get three months of subsidies.