"The stimulus package is just not going to be enough in my opinion to get a lot of these people on the other side of this COVID virus. The reason being is they have a lot of obligations. Between a car payment and a rent payment, the $1,200 is probably gone," Lynd said. "I imagine people are saving their money for food and rent. On the hierarchy of needs, food and shelter are very important for people to survive."

LYND owns and operates more than 20,000 multifamily units across the country. Lynd Acquisitions Group, a LYND affiliate, and New York City-based Topaz Capital acquired Topaz Villas in Jacksonville, FL, last year. The 444-unit community is slated to receive the program benefits and residents who are facing economic hardship due to COVID-19 are eligible for the advances. "You can probably count on your hand the times in your life when somebody has actually gone out of their way to help you financially and that's something that really sticks in your brain," Lynd said. "On the part of Arbor, it is going to enhance Lynd's relationship with our residents and it's going to demonstrate our character in a time of need."

Arbor joins the legions of CRE firms that have set up programs to help their communities during the coronavirus. A similar initiative by Camden Property Trust established a $5 million Resident Relief Fund for Camden residents experiencing financial losses caused by the COVID-19 pandemic.  Within 20 minutes of opening the fund, Camden received more than 2,500 applications and had to close the fund.