President Signs Bill for Additional Emergency Rental Assistance
Today, President Biden signed the American Rescue Plan Act of 2021 (ARPA). Thank you to the tens of thousands of you who participated in NAA’s calls to action throughout the pandemic and at NAA’s Virtual Advocate Conference this week. You kept Congress’ attention on the critical industry issue of emergency rental assistance and other federal financial relief solutions to prevent evictions and ensure the continued viability of the rental housing industry.
First and foremost, ARPA includes $21.55 billion in dedicated emergency rental assistance funding, which continues federal support of state and local rental assistance programs across the country. Combined with the $25 billion in rental assistance funding allocated in the Consolidated Appropriations Act of 2021, these funds are a significant step in closing the growing gap of tens of billions of dollars of outstanding rental debt that have accumulated during the pandemic. Plainly put, the funds are a lifesaver for both renters and housing providers who have been hardest hit.
Additionally, the new law does not extend the federal eviction moratorium that remains in place until March 31. NAA continues its federal advocacy work with Congress and the Administration to stress that extensions or expansions of the CDC’s order are not the right policy solution to the nation’s housing challenges. We steadfastly maintain the importance of balanced and sustainable housing policies to get the rental housing industry through the crisis and beyond.
We are analyzing the text of the new law and will post a summary to the NAA website shortly. And thank you, again. Without your efforts on behalf of our industry, this would not have happened.