Aggregated News From Investment Management Regulators

Treasury Launches $25 Billion Emergency Rental Assistance Program; Opens Portal to Begin Disbursement of Funding to State, Local, and Tribal Governments

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On January 5, 2021, the U.S. Department of the Treasury launched the $25 billion Emergency Rental Assistance Program (ERAP) established by the Consolidated Appropriations Act, 2021. The ERAP assists households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds are provided directly to States (including the District of Columbia), U.S. Territories, local governments with more than 200,000 residents, the Department of Hawaiian Home Lands, and Indian tribes (defined to include certain Alaska native corporations) or the tribally designated housing entity of an Indian tribe (collectively, “eligible grantees”).  Eligible grantees must use the funds to provide assistance to eligible households through existing or newly created rental assistance programs.

“The Emergency Rental Assistance Program will help to keep American families in their homes during this challenging time,” said Secretary Steven T. Mnuchin.  “Treasury is implementing this program with unparalleled speed so our state, local, and tribal partners across the country can provide assistance to families in need.”

States, U.S. Territories, local governments, and Indian Tribes are now able to enroll in the ERAP through a web portal by providing payment information and accepting award terms. Treasury will begin promptly disbursing funding to eligible grantees as soon as a grantee’s enrollment is complete.

Eligible grantees will be able to use funds disbursed from Treasury to provide assistance to eligible households. An “eligible household” is defined as a renter household that has a household income at or below 80 percent of the area median and in which at least one or more individuals living in the household:

  • qualifies for unemployment or has experienced a reduction in household income, incurred significant costs, or experienced a financial hardship due to COVID-19; and
  • can demonstrate a risk of experiencing homelessness or housing instability.

Additional details for governments and renters regarding the ERAP can be found at Treasury.gov/CARES.

This news item was originally published by the US Department of the Treasury (UST US). For more information, please see the Source Link.

Regulator Information

Abbreviation: UST
Jurisdiction: United States

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