November Set New ERA Record as Evictions Remained Below Pre-Pandemic Levels
Using Treasury Department funding, state and local governments provided a record amount of emergency rental assistance (ERA) to a record number of people in November—$2.9 billion to approximately 665,000 renters and landlords.
Meanwhile, the Biden administration’s efforts to prevent evictions have helped eviction filings remain well below pre-pandemic levels. In the four full months since the end of the federal eviction moratorium in August, eviction filings have remained below 60% of historical levels.
The Consolidated Appropriations Act of 2021 (ERA1) and the American Rescue Plan (ERA2) made more than $46 billion available for emergency rental assistance. Treasury projects that up to 65% of ERA funds (approximately $25 to $30 billion) were spent or obligated by the end of 2021.
Treasury began reallocating ERA funds in the fall. In the first round of voluntary reallocation, it shifted more than $1 billion within states or to high-demand programs.
Now, Treasury has begun the second round of ERA1 reallocations. The deadline for submitting a request for the second round of reallocated funds is January 21.
By statute, the process for reallocating ERA2 funds will not begin until March 31. Treasury will publish separate guidance for this reallocation.
Read the full announcement here.
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