Treasury Issues Final Rule for State and Local Fiscal Recovery Funds
The Department of the Treasury issued the final rule for the American Rescue Plan's State and Local Fiscal Recovery Funds (SLFRF) program.
Under the American Rescue Plan, the SLFRF program will deliver $350 billion to state, local, and Tribal governments to support their response to the COVID-19 pandemic. The money can be used to prevent and end homelessness through direct rent and utility assistance, counseling and legal aid, and the creation and preservation of affordable housing, especially for the lowest-income renters.
The final rule takes effect April 1, 2022. It provides state and local governments with increased flexibility and simplicity to pursue a wider range of uses, so local governments can focus on maximizing the impact of their funds.
To date, Treasury has distributed more than $245 billion through the SLFRF program.
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