New Boston Launches Rental Relief Program

BOSTON-New Boston Fund is launching a policy that is the multifamily equivalent of the 90-day foreclosure moratorium that has been proposed in Congress. Tenants in good standing that have been in the property at least six months can receive a three-month rent abatement if the primary wage-earner is laid off. After that time period, the tenant either has to begin paying rent again or move out. If the tenant has found a new job, he or she can extend the lease as compensation to the New Boston.

Beyond the obvious signs of national financial distress, the company has been receiving signals from tenants that the economy is wearing on their finances, Gary Hofstetter, president, New Boston Management Services, tells GlobeSt.com. “I receive internal reports from ten locations around the country and job security has become a huge issue for tenants who are leaving or not taking apartments.”

Besides doing its bit to support the economy, New Boston is hoping to establish a little customer loyalty with the program. A lot of its apartment buildings are workforce housing; these tenants are directly affected by such events as Circuit City’s bankruptcies, he says.

The program will run through April 30, 2009, although Hofstetter says it will be extended if necessary. “I am hoping the crisis will be over by then,” he says. Participating residential properties on the Eastern Seaboard include Montpelier Crossing, Laurel, MD; The Gates of West Bay, Norfolk, VA; Windshire Terrace, Middletown, CT; Washington Crossing, Woburn, MA; The Lodge, Sandy Springs, GA; The Preserve, Tampa, FL and Cameron Lakes, Clearwater, FL.