COMMERCIAL PROPERTY, SALES & LEASINGCORONAVIRUS COVID-19 PANDEMIC

Cash grants for commercial property landlords

Photo: Note Viriyarat (Australian Property Journal)
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COMMERCIAL property landlords providing rent relief to distressed tenants can access up $10,000 in grants from the Victorian government.

Minister for Small Business Jaala Pulford said the government is supporting landlords who are doing the right thing by their tenants.

“We’re supporting landlords who are doing the right thing by their tenants – it’s about everyone playing their part in unprecedented times.

“These are important initiatives which offer security to businesses and landlords, to help them get through the pandemic and back on their feet,” Pulford said.

The minister yesterday opened the $20 million Commercial Landlord Hardship Fund to assist small landlords who are reducing and waiving rent as part of the Commercial Tenancy Relief Scheme.

Eligible commercial landlords that waive rent for their tenants between 28 July 2021 and 15 January 2022 can apply for grants of up to $6,000 per tenancy. In cases of acute hardship, small landlords may be eligible for grants of up to $10,000 per tenancy.

To be eligible for a grant, landlords must provide a rent waiver of at least 50% to their tenants through the Commercial Tenancy Relief Scheme, have total taxable landholdings under $3 million and use the grant to offset the waiver.

Landlords will be eligible for the fund only if they have waived some of the rent owed. They will not be eligible if they have deferred all of the rent.

The Commercial Landlord Hardship Fund is in addition to other measures such as land tax relief of up to 25% to landlords waiving rent for their tenants, at an estimated cost of $100 million.

Applications for the Commercial Landlord Hardship Fund are open until 15 January 2022.

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