US Treasury Has Spent More Than $25B Toward Renter Assistance
The pandemic-led program is supporting those in need and helping to avoid evictions.
More than 80 percent of federal emergency rental assistance funds have been delivered to households earning 50 percent of area median income, according to a recent report for the US Department of the Treasury.
Facing economic challenges caused by the pandemic, the December 2020 Consolidated Appropriations Act of 2021 (ERA 1) included $25 billion in Emergency Rental (ERAP) assistance (ERAP) and the March 2021 American Rescue Plan (ERA 2) included an additional $21.6 billion in ERAP assistance.
On Feb. 24, the Treasury released information showing ERA grantees made 3.8 million payments to eligible households and spent or obligated more than $25 billion, across ERA 1 and ERA 2.
Additionally, Treasury ERA monthly data show $16.3 billion was spent on rent, utilities and arrears for ERA 1 from Jan. 1, 2021 through Dec. 31, 2021—with $4.1 billion spent on ERA 2, from April 1, 2021 through Dec. 31, 2021.
“When we began implementing the Emergency Rental Assistance program, one of the goals was to use the resources to prevent an eviction crisis from hitting our country’s most vulnerable families,” US Department of Treasury Deputy Secretary Wally Adeyemo said in prepared remarks.
The US Treasury has come under fire for the slow disbursement of funds from this program in the past. Congress has appropriated almost $47 billion to this program.