PROVIDENCE – While homeowners in Rhode Island who have experienced job losses relating to the COVID-19 pandemic are likely to have the option of a 90-day grace period for making mortgage payments, the fate of renters who are similarly affected is not as clear.
The state courts are not processing evictions until at least mid-May. Gov. Gina M. Raimondo said last week she would be announcing details soon for a $1.5 million relief program for low-income renters. Applications would be opening Thursday, she said, and said details would be forthcoming soon.
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As of Tuesday, she had not revealed details, including who would qualify.
The outlook for residential owners is clearer. Raimondo announced last week that 26 leading financial institutions have agreed to pledge relief to residential borrowers.
They have all agreed to provide a 90-day grace period for residential mortgage payments, and an opportunity to request additional relief, according to Raimondo.
They are not to report late payments to credit-reporting agencies for the borrowers who take advantage of the relief.
The governor also said there would be a 60-day moratorium on new residential foreclosure or eviction initiations, and an agreement to waive late fees for mortgage payments.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
