American Campus Communities: Covid-19 Resident Hardship Program
American Campus Communities Implements Covid-19 Resident Hardship Program - Pledges Every Resident Will Continue to Have a Home
Company has provided $17 million in rent relief to help student residents and their parents during global pandemic
April 27, 2020. AUSTIN -- American Campus Communities (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties, to date has forgiven $17 million in rent at its on- and off-campus communities. It is also offering thousands of additional deferments of rent payments to residents and parents who have experienced a diminishment in income due to COVID-19.
In early April, the company created and deployed its Resident Hardship Program nationally to help residents who are experiencing financial hardship during these uncertain times. Additionally, the company is waiving all late and online payment fees and ceasing financial related evictions. By reaching out to their ACC property manager or to the company’s customer service center, residents experiencing financial hardship can request an application for rental assistance that includes payment plans, deferment of payment due dates or abatement of rent.
“We have made a pledge that every American Campus Communities resident will continue to have a home during this crisis regardless of their ability to pay rent on a timely basis," said Bill Bayless, CEO of American Campus Communities. "We will also act in good faith – working with every student and family suffering financial hardship on a case-by-case basis so they can continue to complete their online instruction in an academically-oriented environment. At this difficult time, there will be no late fees, no online payment fees and no financial related evictions. Also, there will be no negative impacts to the credit reports of those suffering financial hardships and participating in our Resident Hardship Program."
ACC’s Covid-19 Resident Hardship Program is administered by a task force who qualifies and works with residents and/or families on a case-by-case basis. In addition to the potential abatement of rent, payment deferrals and payment plans, the company is attempting to provide education and resources for students and parents on how to access the CARES Act assistance based on the specifics of their individual situation.
“On a daily basis, we strive to put the health, safety and well-being of our residents and the ACC family first, said Bayless, “This is our guiding principle as we navigate through this crisis toward an eventual return to normalcy and ultimately getting back to college life on campus.”
American Campus continues to see leasing demand for the fall at its modern off-campus student apartments, which typically feature private bedrooms, in-unit living rooms, in-unit kitchens, and private bathrooms with no more than two people sharing a bathroom as these communities are an attractive alternative to older on-campus dorms with community bathrooms and showers.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of March 31, 2020, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 201 properties with approximately 137,900 beds. Visit www.americancampus.com.