This week, the U.S. Treasury released details on the $25 billion Emergency Rental Assistance Program (ERAP), which was made available through the recently passed COVID-19 relief package that was signed into law December 27, 2020.
The rental assistance funds are available for U.S. states, territories, local government and Indian tribes’ eligible households through existing or newly created rental assistance programs. A detailed analysis of the program can be found here.
NMHC has been working closely with the current Administration, the Biden transition team, Congressional offices and other real estate partners to help identify ways to ensure timely and efficient distribution of the rental assistance funds. It will be imperative that Treasury provide a framework that will maximize the ability of states and localities to get the money into the hands of eligible residents.
To that end, NMHC spearheaded a real estate coalition letter that provides recommendations on implementation of the emergency rental assistance program. The coalition's letter outlining our reccommendations can be accessed here.
Notably, to comply with the 30-day disbursement requirement included in the statute, Treasury’s announcement includes a deadline of Tuesday, January 12, at 11:59 p.m. ET for submission of applications. Treasury’s release also included a document outlining grantee award terms. We anticipate that additional guidance or FAQs will be forthcoming.
We urge members to contact their state and local officials to make sure they are aware of the January 12 deadline for filing application. A list of eligible cities and counties can be found on Treasury’s website here.
While NMHC is very pleased that the COVID-19 relief legislation approved by Congress included $25 billion for rental assistance, the $25 billion is only a down payment on what will be necessary to address the needs of renters and property owners alike.
- DOJ to Appeal Texas Court’s Ruling Regarding CDC Eviction Moratorium
- Texas Court Rules CDC Eviction Order Exceeds Federal Authority
- Treasury Releases Updated Emergency Rental Assistance FAQ
- February 2021 Real Estate Coalition Letter to Senate Banking Regarding Rental Assistance
- Congress Moves Forward with COVID Relief that Includes Additional Rental Assistance via Budget Reconciliation