Ohio REALTORS back Order providing small businesses relief from evictions and foreclosures
Gov. Mike DeWine signed an Executive Order yesterday to provide small businesses relief from commercial evictions and foreclosures. The Order requests that landlords suspend rent payments for small businesses and also implement a moratorium of evictions for no less than 90 days. Lenders to commercial real estate borrowers with a commercial mortgage loan are asked to provide an opportunity for forbearance for at least 90 days. Ohio REALTORS, along with the Ohio Business Roundtable, Ohio Bankers League, Ohio Council of Retail Merchants, Community Bankers Association of Ohio and Ohio Restaurant Association offered support for the Order. Below is the letter sent by Scott Williams, chief executive officer, on behalf of Ohio's REALTOR community:
Dear Governor DeWine:
On behalf of the more than 33,000 REALTORS operating across Ohio, allow me to express my gratitude and support for today’s Executive Order on Commercial Evictions and Foreclosure.
As you know, a vibrant real estate marketplace is critical to Ohio’s long-term economic strength. Specifically, commercial real estate is an important cornerstone of our respective communities and the ramifications of the current COVID-19 pandemic are a real threat to our economic stability.
Ohio’s small businesses are being severely impacted by the pandemic and your action to suspend rent payments is a critical step to provide temporary relief. Your action today provides an avenue for our small business to survive this current economic climate and be in a position to resume business activity at its conclusion. Just as important, by recognizing the position our large commercial property owners find themselves, with businesses unable to make rent and lease payments, providing them this relief offers a means to maintain these assets and, hopefully, avoid a wave of foreclosure actions that could decimate our communities and business centers.
Thank you for your leadership in attempting to find sensible solutions for borrowers and lenders, ensuring that temporary relief can be provided to those facing financial hardship.
Ohio REALTORS stands ready to work with you in helping to rebuild our communities.
Sincerely,
Scott Williams, Chief Executive Officer, Ohio REALTORS
Other organization's expressed similar support:
Pat Tiberi, president and chief executive officer, Ohio Business Roundtable -- "The Order rightly sends the message to lenders and landlords to hit the pause button during this health crisis that is quickly becoming an economic crisis."
Michael Adelman, president and chief executive officer, Ohio Bankers League -- "The 'Comercial Eviction and Foreclosure' Executive Order reflects what OBL members are doing every day in communities across Ohio and it brings other lenders in line with what banks are doing to help borrowers impacted by the coronavirus."
Robert L. Palmer, president and chief executive officer, Community Bankers Association of Ohio -- "The provisions in this Order perfectly align with our industry philosophy of assisting our customers in good and challenging times."
Gordon Gough, president and chief executive officer, The Ohio Council of Retail Merchants -- "By urging landlords and lenders to hit the pause button on business rent payments, evictions, commercial mortgage loan payments and commercial loan foreclosures for 90 days, they are attempting to provide an economic buffer for Ohio businesses that are struggling as a result of the COVID-19 crisis."
For more information, Ohio has compiled a COVID-19 Checklist for Commercial Evictions and Foreclosures fact sheet.
