Update: The Impact of COVID-19
#18 — May 22, 2020
Operations and Resident Support:
Our campaign to engage both residents and our staff in fighting COVID-19 continues. Entitled ALL IN , the campaign has focused on helping residents access resources and stay safe, informed and connected. It is also geared at celebrating the great work of our staff in doing this. Here are some examples:
Rent Collections:
May continues to surprise us with strong collections when we had been expecting additional challenges compared to April. Our totals as of today are:

  • We’ve collected 93% of May charges:
o Cumulative receipts are flat compared to April through the 21st.

o Cumulative receipts are up 2% compared to November 21st, 2019, the most recent month with the 1st falling on a Friday.

  • In terms of types of properties or receipts:
o Resident receipts are at 92% 
  • Up 1% compared to April through the 21st.
  • Flat compared to November 21, 2019.

o Subsidy receipts are at 96%
  • Flat compared to April through the 21st.
  • Up 7% compared to November 21, 2019.

o Senior total receipts are 98%
  • Flat compared to April through the 21st.
  • Flat compared to November 21, 2019.

o Family total receipts are 91%
  • Up 1% compared to April through the 21st.
  • Up 1% compared to November 21, 2019.
The chart below shows the distribution of properties on their collection performance in May through the 21st. Out of the 211 properties, 28 have collected less than 80% of May charges representing $0.3M remaining to collect while 66 properties have collected over 96% representing only $0.2M 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.
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 week 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