Treasury Reallocates Another $690M in Emergency Rental Assistance
Last week, the Department of the Treasury reallocated $690 million in emergency rental assistance (ERA) to 89 state and local grantees that will ensure rapid deployment of funds to Americans at risk of eviction.
To date, Treasury has reallocated more than $3.5 billion in ERA, meaning funds were moved from communities where they were at risk of not being used and instead transferred to communities with high need and high success in deploying funds to people who need it.
Altogether, the Consolidated Appropriations Act of 2021 and the American Rescue Plan made available more than $46 billion in ERA. Studies show ERA has largely gone to low-income and/or traditionally underserved renters of color and has helped prevent a wave of evictions during the pandemic. To date, the ERA program has helped more than 8 million households at risk of eviction.
“Reallocation is one of several initiatives that Treasury has undertaken to help funds quickly reach eligible renters in need. In addition to reallocation, Treasury has shared best practices with recipients across the country, worked with the White House to promote lasting eviction prevention initiatives using ERA funds, and eased burdensome documentation requirements to more easily reach eligible renters in need—among other initiatives to promote program success.”
“The program has been praised by experts like Princeton University’s Eviction Lab founder Matthew Desmond, who said that ERA and the federal eviction moratorium represent 'the deepest investment in low-income renters the federal government has made since the nation launched its public housing system' and 'the most important eviction prevention policy in American history.'”
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