PMI Metroplex , in conjunction with PMI Corporate, are working on a plan for tenants to cope with the economic impacts of this health crisis throughout the state of Texas and the United States. PMI Metroplex commends state and local leaders in their efforts to address the COVID-19 health emergency. These health efforts, though, lead to reductions in working hours, wages and create other financial hardships. These financial hardships have a brutal and immediate impact on some of our tenant clients that rely on regular wages to meet their financial obligations including rent, utilities, food and transportation needs.
In addition to the immediate, financial concerns of tenants; the housing industry must also balance its commitments and duties to lenders, employees, maintenance staff and maintaining affordable housing in professional, comfortable conditions.
In an effort to address the concerns of tenants that are in financial need as a result of the health crisis while still meeting the commitments of the industry, PMI Metroplex is promoting a rent deferment plan for the month of April 2020 (subject to owner approval). A tenant must qualify for rent deferment by demonstrating their financial status has been impacted by the COVID-19 pandemic. A tenant may demonstrate financial impact by indicating exposure to the virus; quarantine requirements; or loss of hours or wages as a result of health recommendations related to the pandemic. Upon demonstrating qualifying criteria, PMI will provide plans to defer April’s rent payment (subject to owner approval). Such deferments may allow April rent to be paid at a later date or to be made in payments over the course of several months. The industry also intends to stay eviction proceedings for tenants that qualify as described above.
We are confident that North Texas is resilient and will overcome the temporary effects of this pandemic. We will continue to monitor and assess the housing situation in North Texas and support further measures if needed. Please stay safe and follow the recommended guidelines from the CDC and other trusted sources.
