The American Rescue Plan Act of 2021 (ARPA) provides $1.9 trillion in federal funding in two key areas: to address the COVID-19 virus and provide additional economic relief. The ARPA provides funding for vaccines, testing, and healthcare needs and also specific programs aimed at providing relief to educational institutions, state, tribal and local governments, businesses, and for housing needs and individual assistance.
One of the key housing initiatives is the Emergency Rental Assistance Program (ERAP), which continues federal support of state and local rental assistance programs across the country. The ERAP program makes available nearly $22 billion to assist households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds are provided directly to states, U.S. territories, local governments, and tribes. Grantees use the funds to assist eligible households through existing or newly-created rental assistance programs. Combined with the previous $25 billion in rental assistance funding already allocated in the Consolidated Appropriations Act of 2021 (CAA), these funds are a significant step in assisting tenants that are experiencing housing instability and assisting the rental property owners who are experiencing economic distress due to unpaid rents during the pandemic.
P&N works with Emergency Rental Assistance Programs across the country. Our professionals can assist with full program management, financial disbursement, and more. Contact us to start a discussion about your agency’s needs.