Update: The Impact of COVID-19
#47 — August 12, 2021
Dominium has been focused on our business and operations during this pandemic crisis. As we move past the critical rent collection part of each month, we will focus our updates on information that we have found useful in the work we are doing. We hope that our friends and partners in affordable housing find it helpful as well and will send other information our way as well. A collection of all previous updates can be found at COVID-19 Impact Update.
Rent Collections
Through August 9th, 2021, we have collected 80.9% of charges for the month. Resident receipts are:

  • Down (0.4%) compared to August 2021 through the 9th.
  • Down (0.3%) compared to June 2021 through the 9th.
  • Down (2%) compared to May 2021 through the 9th.
  • Down (4%) compared to December 2019 through the 9th
Subsidy: Cumulative subsidy receipts for the month are 83% collected, which is:
  • Down (6%) compared to July 2021 through the 9th.
  • Down (9%) compared to June 2021 through the 9th.
  • Down (7%) compared to May 2021 through the 9th.
  • Down (2%) compared to December 2019 through the 9th.

Total Receipts: Cumulative receipts for the month are 81% collected, which is:
  • Down (1%) compared to July 2021 through the 9th.
  • Down (2%) compared to June 2021 through the 9th.
  • Down (3%) compared to May 2021 through the 9th.
  • Down (3%) compared to December 2019 through the 9th.
 
Receipts at Senior properties are 93% collected, which is:
  • Up 1% compared to July 2021 through the 9th.
  • Up 1% compared to June 2021 through the 9th.
  • Up 1% compared to May 2021 through the 9th.
  • Down (1%) compared to December 2019 through the 9th.

Receipts at Family properties are 78% collected, which is:
  • Flat compared to July 2021 through the 9th.
  • Down (1%) compared to June 2021 through the 9th.
  • Down (2%) compared to May 2021 through the 9th.
  • Down (4%) compared to December 2019 through the 9th.
The chart below shows the distribution of properties on their collection performance in August 2021 through the 9th. Out of the 201 properties, 17 have collected less than 55% of August 2021 charges representing $0.4M remaining to collect while 24 properties have collected over 95% representing $0.1M remaining to collect.
The lowest collection category is primarily made up of Section 8 properties which are impacted by timing with changes between resident and subsidy owed charges. The below distribution excludes these properties and follows the expected trends.
NMHC released their Rent Payment Tracker finding that 80.2% of apartment households made a full or partial rent payment by August 6th. This is 0.9% more than paid during the same period of August 2020 and is only 1% below the amount paid by August 6th, 2019. (NMHC)
Previous Dominium Rent Reports can be found here.
Economic News
Other Interesting & Helpful Resources
After a brief period of dining indoors while vaccinated and without masks, the Delta variant is changing masking guidelines causing many Americans to think twice before dining at an indoor restaurant. Epidemiologists and public health experts state, “there is no such thing as zero risk.” One epidemiologist said you should look at three factors when deciding to dine out: “your vaccination status, the level of coronavirus transmission in your community… and your personal risk assessment.” Some restaurants and even New York City (starting in September) are requiring employees and even customers to show proof of vaccination. (Washington Post)

The spread of the Delta variant in the US is causing a drop in airline travel, with Southwest Airlines reporting weaker booking numbers this month as cases rise. Southwest is only the second airline, behind Frontier, to report a decline in bookings as Delta, United, and American Airlines declined to comment this week. Many Americans returned to traveling this summer as vaccinations increased and cases were down, but as cases rise leisure travel appears to be declining. This is likely due to the transmission rate of the Delta variant even among the vaccinated as well as people postponing trips to new hot spots or those destinations reimposing restrictions, i.e. Florida and Hawaii respectively. (Washington Post)

After a period of optimistic reopening around the world, the Delta variant has forced many countries to halt the loosening of restrictions. Bloomberg’s Travel Reopening Tracker is tracking 1,538 travel combinations between 40 major business and tourism destinations and rating them based on Covid-19 travel restrictions, vaccination levels, and public health rules. (Bloomberg)
Resident Resources
National Low-Income Housing Coalition put together a State and Local Rental Assistance guide for COVID-19 Emergency Rental Assistance Programs around the country.

Fannie Mae put together a “Here to Help Renters” resource guide. It includes tips for talking to your landlord, top things to know, and options for those in need of financial assistance. Other resources are linked to HUD, CARES Act, and state and local resources.

Freddie Mac offers a Renter Helpline, which provides counseling for renters on budgeting, credit improvement and debt management. The attached flyer is available in multiple languages.

HUD has put together a guide and FAQ for Renters during the Pandemic.

The United Way is assisting residents in Minnesota with the COVID housing assistance program. Those needing support can call 211 or toll free at 1-800-543-7709.

Information on filing for unemployment

Family Housing Fund has put together resources for households impacted by COVID-19, ranging from legal help, utilities, food, unemployment insurance and more.

Housing Link has provided tips for emergency assistance in the Twin Cities with contact information by county.

National Alliance on Mental Illness Minnesota also has a list for families of financial and housing resources. You can also search for reduced cost services by zip code on their website.
In an attempt to share what we know and are doing during this crisis, we are publishing a set of periodic updates for our partners and friends in affordable housing. We likely will do this twice a month or as interesting events dictate. Please let us know if you would like to be removed from this list.

Thank you,
Paul Sween & Mark Moorhouse