Emergency Rental Assistance Program Exceeds 2.5 Million Payments
Governments have continued to lend financial aid to those in need as part of the economic recovery.
Through its Emergency Rental Assistance (ERA) program, the Department of the Treasury reported on Monday that state and local governments assisted more than 521,000 renters and landlords in October. Over 2.5 million people have received funds from the program since it was launched.
It is estimated that the U.S. Treasury will spend or obligate between $25 billion and $30 billion of the ERA 1 and ERA 2 funds by 2021. 9 months before the deadline, at least 90% of ERA 1 funding will be used.
More than 100 grantees had spent more than 95% of their ERA 1 funding by the end of October, while 130 grantees had already begun using ERA 2 funds.
The U.S. Treasury is reallocating ERA 1 funds from states and local governments that have not exhausted their resources to help renters in these states.
The Treasury says that much of the reallocation will occur on a voluntary basis.
In addition to the $350 billion available in the Coronavirus State and Local Fiscal Recovery Funds, the Treasury says much of the reallocation will occur on a voluntary basis.