Arbor launches rent assistance program
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Uniondale-based Arbor Realty Trust, one of the country’s largest multifamily lenders, has launched a new rental assistance program to help tenants struggling to pay their rent.
Called the Arbor Rental Assistance Program, the initiative is designed to supplement existing government rent relief programs and leverage private capital to fill critical gaps for people impacted by a loss of income due to COVID-19, according to a company statement.
Existing borrowers of Arbor who own rental properties are eligible for the matching program, in which Arbor will advance up to $1 million that needs to be matched by landlords, bringing the program’s total available advance to $2 million.
The money is earmarked for landlords who have tenants with monthly rents of $2,000 or less that may need help paying their rent for May and June. The advance can be paid back in up to three years, according to an Arbor spokesperson.
“As one of the most active lenders in the industry offering workforce housing loans, we want to do our part to help ease the burden for those who’ve been severely impacted by COVID-19,” Ivan Kaufman, Arbor’s president and CEO, said in the statement. “For those who have unfortunately lost income and are temporarily unable to meet their rent obligations, we are looking to provide some much-needed relief until they are able to stabilize their situations.”
