Rental Assistance Program Exceeds 2.5 million Payments. Will You Still Be Able to Apply Late?
In a report released on Monday, the Department of the Treasury noted that local and state governments are providing rental assistance to more than 521,000 tenants and landlords.
This is to go through the Department of the Treasury’s Emergency Rental Assistance program in October.
More than 2.5 million people have received more than $2.8 billion in funds since the program was launched.
By the end of 2021, approximately $25 billion to $30 billion of ERA 1 and ERA 2 funds are expected to be spent or obligated.
Nine months before the deadline, at least 80 percent of the ERA 1 funds will have been used.
As of the end of October, the Department of the Treasury reported that over 100 state and local grantees expended 95% or more of the funds they received, while 130 have already begun to use ERA 2 funds.
Who are the Big Spenders?
$2 billion of New York State’s $2.4 billion ERA allocation has been paid or obligated.
$1.2 billion has been spent by Texas, exceeding its ERA 1 and ERA 2 allocations.
Also, all of Oregon’s funds have also been spent.
Read More: U.S. States to Distribute $400 Stimulus Check for Couples Earning Under $150K. Here’s WHY?
Use Your Money to Your Advantage.
It may still be possible to apply for rental assistance if you live in one of these states and need help.
Treasury is reallocating ERA 1 funds from states and local governments that have not exhausted their resources.
A large portion of the reallocations will be voluntary, according to the Treasury.
As part of the Treasury’s efforts, governments are encouraged to use other funding sources.
For example, they are encouraged to reach out to the Coronavirus State and Local Fiscal Recovery Funds, which offer $350 billion in funding.