Veritas Investments Announces New Program to Forgive Uncovered Portions of Back-Rent Owed by Residential Tenants – SFist

December 19, 2021 by No Comments

Veritas Investments — SF’s largest landlord, which owns and manages some 250 residential properties in the city — announced this week it will not require tenants to pay their overdue rent caused by the COVID-19 pandemic.

In what’s being described as a “first-of-its-kind rent relief program” by a property management company of its size, Veritas announced Tuesday it will forgive the uncovered portion of a tenant’s back-due rent — so long as they apply for rent-relief funds by the state’s January 31 deadline.

“We like to think of it as providing our residents an early holiday gift, in taking one more concern off their plates,” said Jeff Jerden, Veritas’ COO, in a news release introducing its “Rent-relief Backstop” program. (Though the idea of presenting someone’s ability to continue occupying their domicile as an “early holiday gift” does come off incredibly Orewllian.)

“Veritas has been laser-focused on helping our residents stay safely housed throughout this unprecedented crisis, including having the farthest-reaching eviction moratorium in the country, and giving residents direct aid in the millions of dollars to date,” Jerden continues. “Our new Rent-relief Backstop is the first to provide a safety net behind the State ERAP relief, removing all impediments for those who may qualify to apply.”

According to Veritas, tenants who apply to the CA COVID-19 Rent Relief program but are denied the necessary funds to cover accrued rent debt based on a shortage of income will see those debts resolved by the GreenTree Property Management, an affiliate company of Veritas. The aforementioned company will match the 18-month maximum coverage period offered by the state rent relief program; debts that are not covered by those funds will need to be paid by the tenant to avoid eviction and penalties.

Veritas has also said that it will not apply annual rent increases to residents who have a “pending or approved application for rental assistance.” GreenTree, too, will continue to waive late fees for residents who are in the process of either applying or receiving rent relief funds

But news of the rental relief program comes after a contentious year between the property management company and the tenants who occupy its building. Per NBC Bay Area, the Veritas Tenants Association (VTA) announced a strike to withhold state rent relief applications to call out “corporate landlords,” with the intent of limiting additional government funds to cover rent debt for Veritas Investments.

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Source: https://sfist.com/2021/12/18/veritas-investments-announces-new-program-to-forgive-uncovered-portions-of-back-rent-owed-by-residential-tenants/

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