News

Maryland Comptroller pushes banks for voluntary 90-day rent, mortgage relief

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Because of the economic havoc wrought by the coronavirus pandemic, Maryland Comptroller Peter Franchot is urging creditors, banks and landlords to grant 90-day rent, mortgage and loan payment holidays to their borrowers and tenants, both residential and commercial. In an interview with Route 1 Reporter, Franchot also called for renters, borrowers and property-owners to also take initiative and request payment relief from their landlords and creditors. “I am told the private sector is more than happy to be responsive to Maryland businesses and families that call them and say ‘for the immediate future we need to keep any cash we have available, so give us 90 days,” said Franchot in a March 27, 2020, interview. “After that we will figure out how to make everybody whole.”

Franchot’s call is voluntary, however. He stopped short of pushing for a mandatory rent, mortagage and loan payment holiday.

Mount Rainier

Just in time: Mount Rainier closes $1.5M property sale

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Just in time to avoid the possible collapse of the commercial real estate market, the City of Mount Rainier completed the sale of 3200 Rhode Island Avenue for $1.5 million to IFG Group Development and Construction. The property is approximately 33,000 square feet of vacant land the city bought more than 10 years ago for an inflation adjusted $1.1 million. IFG Group plans to build a $30 million mixed-use apartment complex. The transaction was scheduled to complete this past Friday. By Monday, the money had not yet shown up in the city’s accounts, causing some concern.

Coronavirus

Without aid, Prince George’s businesses face peril

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Prince George’s County economic development officials are pressing for massive injections of capital and government aid after the local economy has been thrown into a crisis by the coronavirus pandemic. Without government relief, the now-looming expected recession threatens the capital of thousands of business owners and the livelihoods of many thousand more workers, according to local economic development officials.

Coronavirus

Coronavirus recession could gut Prince George’s government budgets

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The coronavirus pandemic disruptions and the resulting economic slowdown will wreak havoc on Prince George’s County government budgets, local elected officials say. The full picture isn’t yet clear, but officials near unanimously tell Route 1 Reporter they are bracing for a severe recession and multiple years of reduced tax revenue that could force them to make deep cuts to services, change they way they provide services, and delay long-term capital projects.