"It's a win-win," said Mayor Eric Garcetti. "Renters have their rent paid off. Landlords have their mortgage covered."
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The city announced the country's largest COVID-19-related renters-relief assistance program. Officials plan to allocate $100 million dollars to the fund.
"This is directly federal money to Los Angeles," said City Council President Nury Martinez. "There's about $700 Million in the CARES Act that was awarded to the city of Los Angeles. We're currently voting on an ad-hoc committee that's going to oversee how we're going to spend this money. I'm proposing, through a motion, that part of that $700 million -- $100 million -- be allocated to the renter's relief fund."
Stimulus check confusion? IRS answers some basic questions
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Martinez estimates that between 74,000 and 80,000 families could qualify for assistance. Anyone who earns less than 80% of the county's area-median income can apply, but they also must be affected by coronavirus either economically or medically.
Officials plan to launch the program on July 1.
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"We will take this coming month to make sure when this program stands up at the end of June or beginning of July, we are ready," Garcetti said.
Those who qualify could potentially receive $1,000 per month for up to two months.
The checks will be issued directly to landlords.