The Treasury Department has launched a $25 billion rental assistance program promised under the most recent relief act passed by Congress. The program will assist households unable to pay rent and utilities due to the COVID-19 pandemic.
This was part of Congress' $900 billion stimulus package passed during the final two weeks of December. In the package, each state received a reported $200 million. But will this be enough?
It's a fair question given that many renters are struggling to claw out of a very deep hole. Moody's Analytics estimated that back rent debt had reached a collective $70 billion or $6,000 per renter by the end of 2020 alone.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
