Biden Administration to Redirect Federal Rental Assistance Funds to States, Localities Experiencing Greater Demand
The Treasury Department plans to redirect millions in federal emergency rental assistance from states and localities with a large amount of unused funds to other geographic areas with a backlog of aid requests. (Wall Street Journal and Treasury Department new release, Nov. 29)
- Administration officials said the initial reallocation, set to be unveiled early this month, could exceed $800 million. Jurisdictions with large amounts of unused funds (such as Montana and North Dakota) may see redistributions to more populous states (such as New York and Texas) over the coming week and months. Funds may also be redirected within a state depending on the needs of individual cities or other geographic areas. (The Hill, Nov. 29)
- Treasury data released this week shows that approximately $2.8 billion in emergency rental assistance was distributed in October by state and local governments to keep tenants housed – the same amount distributed the previous month.
- Forty-one states had spent less than 65 percent of their federal rental assistance funds as of Oct. 31. Twenty-five of those states spent less than 30 percent of their allocations – and face additional Treasury requirements to avoid clawbacks.
- Gene Sperling, who leads the implementation of President Joe Biden’s $1.9 trillion coronavirus rescue package, said, “Treasury is using the reallocation process to spur weak performers to up their game and to get more funds into the hands of those who can help the most vulnerable the fastest.” (PBS NewsHour, Nov. 29)
Roundtable President and CEO Jeffrey DeBoer discussed the need to distribute federal rental assistance to property owners and tenants during a September ConnectCRE webinar, which included National Multifamily Housing Council Chair David Schwartz (Chairman and CEO, Waterton) and NMHC President Doug Bibby. (Connect, Sept. 23)
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The Roundtable’s Homeland Security Task Force Virtual Exercise
Rescheduled from Dec. 9, 2021 to Jan. 20, 2022
The Real Estate Roundtable’s Homeland Security Task Force (HSTF) and Real Estate Information Sharing and Analysis Center (RE-ISAC) has rescheduled its Virtual Exercise from Dec. 9, 2021 to Jan. 20, 2022. The exercise will involve discussion groups addressing winter weather preparedness and hostile events (e.g. communication plans and continuity.) For more information, please contact Roundtable Senior Vice President Chip Rodgers.
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