Over $20 Billion in Emergency Rental Assistance Now Available

30
March 2021
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The American Rescue Plan provides billions of dollars in emergency rental assistance to help the one in five Americans behind on rent due to the COVID-19 pandemic.

The American Rescue Plan Provides Over $20 Billion in Rental Relief

Unemployment in the U.S. hit record level highs during the COVID-19 pandemic.

According to the Center for Infectious Disease Research and Policy (CIDRAP), the U.S.'s unemployment rates have more than doubled what the country experienced during the 2007-2009 Great Recession, hitting levels not seen since the Great Depression in the 1930s.

The result of job losses and economic turmoil has been housing insecurities. Across the country, 1 in 5 renters (approximately 10 million people) and 1 in 10 homeowners with a mortgage are behind on payments.

A new analysis from Mark Zandi, chief economist at Moody's Analytics, and Jim Parrott, a fellow at the Urban Institute, shows the typical hurting renter is now nearly four months behind on their monthly payment.

President Joe Biden signed into law the American Rescue Plan on March 11, 2021, providing over $20 billion in relief for renters who are behind on their monthly payments.

How to Get Emergency Rental Assistance

For the one in five Americans who is behind on their rent payments due to the COVID-19 pandemic, the American Rescue Plan is offering a chance to help struggling families keep a roof over their heads.

But finding the right place to apply for rental assistance or understanding the qualifications can be difficult because the U.S Treasury has dispersed funds to State and Local entities to give to qualifying families.

Luckily, you don't have to search long to find your local program and qualifications.

  • Local rental assistance programs
  • Program qualifications
  • Where to apply

Relief for Renters, Landlords, Investors, and Utility Providers

The American Rescue Plan is a big help for renters worried about being evicted because of late payments. But it also helps the investors, landlords, and utility companies who have been financially impacted as a result of late rental and utility payments, as well.

If you own a rental property and haven't received payments from a tenant who experienced joblessness during the pandemic, Emergency Rental Assistance provides an opportunity for you to recover back rent or utilities.

Emergency Rental Assistance Program funds are paid directly to landlords and utility companies. While you can't apply on behalf of your tenants, you can send them information about the program and provide timely responses for documentation requests.

Explore the website and familiarize yourself with the qualification requirements, which will vary depending on family size, income, and median household income for that area.

The Pandemic isn't Over, but Relief is on the Way

The COVID-19 pandemic isn't over, but relief is here for families who are struggling to keep their homes. The American Rescue Plan provides opportunities for families to catch up on back rent and for landlords to stop losing money from missed payments. Don't miss another payment: get emergency rental assistance today.

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