Rental assistance programs are one option for solving—or at least alleviating—the homelessness problem in Los Angeles. Multifamily investor Gelt and a rental fintech platform Domuso has launched a non-profit The Gelt Foundation to provide rental assistance to qualified tenants during a financial emergency. Tina M. Oswald will serve as executive director of the Gelt Foundation. To find out more about the homelessness problem and how this new foundation aims to help, we sat down with Oswald for an exclusive interview.

GlobeSt.com: How is the homeless problem in Los Angeles impacting the multifamily market?

Tina M. Oswald: With an estimated 43,000 people living on the streets or in cars on any given night in LA, homelessness here takes a huge toll and affects everyone in many ways – financially, medical service-wise, environmentally and it causes conflict in neighborhoods. There are numerous circumstances for why people become homeless and one of those is an unforeseen financial crisis resulting in an apartment eviction and for many, homelessness. That is where we come in – to help prevent that type of eviction situation.

GlobeSt.com: Tell me about the non-profit that you launched to help this problem?

Oswald: The co-founders of The Gelt Foundation (TGF), Keith Wasserman and Damian Langere, founded multifamily investment company, Gelt, Inc. in 2008. Next came Domuso, a financial tech company which provides renters with the ability to finance their initial large sum move-in expenses and monthly rent if their payday dates don't coincide with the rent due date to avoid late fees. They have always focused on improving the lives of renters and had the goal of launching TGF as a big way to give back. It has been an exciting journey and TGF is now a reality. Our public nonprofit is focused on working through referrals of property owners and property managers to identify and help responsible tenants get back on their feet after an unexpected financial crisis by covering their rent in the form of either a grant or low/no-interest loan.

GlobeSt.com: How are you funding the rental assistance program?

Oswald: We are funding through the real estate community and are targeting owners, managers, brokers, among others. Our first pledge was for $10,000 from colleague and supporter, Mitch Surowitz, Area Vice President with Arthur J. Gallagher & Co. Since then, many business peers, vendors, supporters, and friends have donated various amounts to support the Foundation. The co-founders, Keith Wasserman and Damian Langere, are covering 100% of all costs associated with the formation and ongoing support of TGF so that every dollar raised is a dollar out to help tenants. We are working with larger corporate entities to take us on as their designated charity for the coming year and continue the meaningful work we are doing to help individuals and families, which also benefits the entire multifamily industry as a whole.

GlobeSt.com: What are the goals of the non-profit next year?

Oswald: The Gelt Foundation's overriding goal is to keep as many people in their homes as possible. We know there is a key demographic of productive, hard-working people who are living each day going to work, paying their bills and trying to stay afloat. Once financial assistance is given, our next goal is to provide the appropriate financial education to the recipients to prepare for the future. We work with that person to coordinate a budgeting class, or credit counseling, or whatever they specifically need help with to increase their financial wellbeing.

GlobeSt.com: Why do you feel like this is a good way to help the homeless problem in the city?

Oswald: Once someone is homeless, a tremendous amount of issues that person had never encountered become reality. Once that terrible last step to homelessness happens, they detach and alienate themselves from the life and society they had once been a part of. TGF can't fight all the reasons why we have such a significant homeless population in Los Angeles. We all know the affordability factor is a huge issue. According to the California Realtor's Association, 75% of Southern Californians can't afford to buy a home resulting in our state having the second lowest rate of homeownership in the country. That means we have more renters. If TGF can help someone from ending up on the street by helping them stay in their apartment, we think providing them rental assistance and being the bridge is a great solution to keeping them on their path, to say nothing of the ripple effect throughout the community.

Instant Insights /

Rental Assistance May Solve L.A.'s Homelessness Problem

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