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Clarification on rent increases during interim ownership
0:20:52
ยท
29 sec
Salvatore D'Avola from Neighborhood Restore provides important clarification on rent increases during the interim ownership period of the property. He explains that rents remain stable during this phase, with changes occurring only after construction financing and transfer to subsequent ownership.
- Neighborhood Restore determines existing rents when they take title to the buildings
- During interim ownership, rents are not increased
- Rents remain at the same level as before the foreclosure
- Rent changes occur when the property goes through construction financing and transfers to subsequent ownership
Salvatore D'Avola
0:20:52
We you were talking about rents, and to make the distinction.
0:20:55
When we take title to the buildings, the, we determine what the existing rents are of the existing residents, and during our interim ownership of the properties, we don't increase the rent.
0:21:06
We keep the rent at the same level that the that the that the rent the residents were paying at the time prior to the foreclosure.
0:21:12
The changes in the rent occur when the property goes through the construction financing into the subsequent ownership, which is what Carrie was mentioning.