Memphis/Shelby County Emergency Rent Assistance Program - Accept?
I was just contacted by one of my PMs for one of my turnkey rentals in Memphis, TN. The PM stated that the tenant has applied and been approved for rent assistance through this program. I'm told the program will pay her June + July rent. One of the conditions is that we cannot evict for nonpayment for 45 days after the period covered (so, basically mid-September) if we accept the rent assistance.
She's been a great tenant and has been in the property for almost 2 years - always pays on time. I'm assuming she maybe lost a job and needs a chance to get back on her feet. I'm not sure what questions I can ask the PM about the situation (or if it even matters, quite frankly). I looked at the requirements to qualify for the program and it pretty much implies that there's no way she still has the same full-time job to qualify.
Trying to weigh the pros/cons and think this through. Here are my thoughts:
If we accept, rent is paid for next 2 months and hopefully she gets back on her feet. No current eviction / legal expense, no non-payment of rent for next 2 months, etc. If no improvement, can't evict for 45 days, but could have these expenses later.
If we do NOT accept, no rent for AT LEAST the next month or two, likely eviction/legal expenses sooner, etc. Also, this wouldn't seem to give her a chance to get back on her feet.
1.) What questions, if any, should I be asking PM?
2.) Based on the info above, would you accept rent assistance payments?
PM is encouraging me to accept. I am leaning that way. Just want to make sure there aren't considerations I'm not thinking through in the heat of the moment. Any thoughts/feedback greatly appreciated. Thanks in advance.