Treasury Releases Updated Rental Assistance FAQs
In December 2020, Congress passed the Consolidated Appropriations Act that—among other COVID relief measures— allocated $25 billion to the Treasury Department to create a new Emergency Rental Assistance program.
As states begin to open enrollment, NAA and NMHC remain engaged with Congress and the U.S. Treasury Department to ensure the program is administered in an efficient and effective manner that works for both residents and property owners/managers.
On February 22, 2021, the U.S. Department of the Treasury issued updated Frequently Asked Questions (FAQs) for the Emergency Rental Assistance Program (ERAP), a $25 billion dollar grant program established by Congress in the December COVID-19 relief package. While additional guidance from the Treasury is forthcoming, these FAQs present a framework for how state and local government grantees should design their programs for distributing the funds and who is eligible for the assistance.
The revised FAQs outline:
- Renter household eligibility, including guidance that at least one or more individuals meets the following criteria:
- Qualifies for unemployment or has experienced a reduction in household income, incurred significant costs, or experienced a financial hardship due to COVID-19;
- Demonstrates a risk of experiencing homelessness or housing instability; and
- Has a household income at or below 80 percent of the area median.
- Available assistance, noting that eligible households may receive up to 12 months of assistance, plus potential for an additional three months; and
- Application process, detailing that eligible households OR rental housing providers can apply on behalf of eligible households.
The National Apartment Association (NAA) will continue to keep members updated as the additional guidance from the Treasury Department is released.