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Emergency Rental Assistance Funds Spent Through November

Emergency Rental Assistance Funds Spent Through November

self appreciation at treasuryWe’ve had many posts about the slow rollout of the government’s Emergency Rental Assistance Program.  A recent update from the U.S. Department of Treasury (reported by the Mortgage Bankers Association) says $ 10.4 billion of ERA1 funding and $ 18.7 billion of ERA2 funding remains unspent.  The MBA says that, through November 2021, ERA1’s cumulative expenditures were $ 14.6 billion, 58% of the total amount available, of which $ 13.6 billion has provided rent or utility assistance to households. They report that ERA2’s cumulative expenditures were $ 2.8 billion, 13% of the total amount available.  Currently the Treasury Department is working through a process to reallocate ERA1 funds from jurisdictions that have less need to those that have spent most, or all their allocations.  Indeed…

“More than 90 percent of the allocated ERA1 assistance to households has been spent in Virginia, Illinois, California, the District of Columbia, New York, Minnesota, and North Carolina. Less than 20 percent has been spent in West Virginia, Delaware, Montana, Wyoming, North Dakota, and South Dakota.”

Click here to read the full report at the Mortgage Bankers Association.


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