This month the US Treasury Department released an additional $21.6 billion under the American Rescue Plan for Emergency Rental Assistance. This funding follows on the heels of $25 billion in emergency rental assistance under the Consolidated Appropriations Act in December.
In response to industry concerns, the Biden administration has also released new guidelines to local agencies administering the programs to ease the rental assistance process. Most notably, for the first time, emergency rental assistance from the American Rescue Plan must be offered directly to renters when landlords don't participate in the program.
In addition, Treasury announced that it is cutting in half the time to determine whether a landlord elects to participate.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
