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

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.

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

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.