COLORADO APARTMENT ASSOCIATION OFFERS RESOURCES TO RENTERS IN THE WAKE OF CORONAVIRUS MANDATED CLOSU

DENVER (March 17, 2020) – Following news of mandated closures throughout Colorado in the
restaurant and hospitality industry, the Colorado Apartment Association has created a guide to help
Colorado renters in the face of income shortfalls.

“The basic shutdown of much of our economy in Colorado creates hardships for many Coloradans.
Fortunately, there are resources available to those who are at risk of not being able to pay their rent,”
said Mark Williams, executive vice president, Colorado Apartment Association. “It’s important that
renters pay as much of their rent as they can, because our industry is dependent on the funding to
function properly. While the City has placed a temporary hold on evictions, it is not their intent that
residents avoid paying rent if they have the ability to do so. Rather, it is to prevent residents from losing
housing during the pandemic and deploy city resources in a way they believe is better for Denver.
Our industry wants to be a proactive partner in helping navigate our communities through these
uncharted waters, but we cannot solely bear the burden. Our housing market is an ecosystem. When
renters don’t pay rent, housing providers cannot pay their employees, vendors, or loan payments. For
some housing providers, this translates to putting at risk properties for foreclosure and creates serious
hardship for our employees and vendors.”

The guide offers resources across Colorado as well as resources in counties and cities. Residents should
contact these resources to determine whether they qualify for subsidies or help from the government or
from various nonprofits such as Brothers Redevelopment or TRUA. Many government programs and
nonprofits grant funds to tenants on a first-come, first-served basis, so residents who believe they are at
risk should start getting in line as soon as they realize they are at risk.

If a resident does not qualify for subsidies or help from any nonprofit or a government entity, then a
resident should ask his or her rental housing provider if they can enter into a payment plan to pay over a
30-day period or more. Payment plans should be in writing.

The worst thing a resident can do is not talk to the rental housing provider quickly and explain the
situation.

“Rental housing providers are people, too. They often understand temporary setbacks and often are
willing to work with residents to allow them time to get caught up. When communities struggle to keep
residents housed, we all struggle,” said Williams. “We all must do our part to keep Colorado running
during this health crisis and that includes helping the vulnerable in our communities.”

About the Colorado Apartment Association
The Colorado Apartment Association (CAA) is a non-profit trade association representing owners,
developers, management companies, and vendors of the multifamily rental housing industry. CAA is
comprised of four local affiliates from across the state. The association represents over 3,100 members
who own and manage over 282,000 apartment homes, which totals more than $60 billion in assets.
Together with the local affiliates, the National Multifamily Housing Council, and the National Apartment
Association (NAA), CAA offers a strong network of information, education and representation of the
multifamily housing industry.