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Multifamily Wire

American Rescue Plan Act of 2021

March 17, 2021
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Charles Ostroff

Multifamily Chief Credit Officer - SVP

Thank you for your partnership over the past year. The COVID-19 pandemic continues to present challenges, but we are hoping there is light at the end of this long tunnel.

As part of our continued forbearance guidance, we have announced the extension of forbearance delegation to June 30, 2021. Please visit DUS Navigate® for details.

As you know, last week saw the enactment of the $1.9 trillion American Rescue Plan Act of 2021, which provides assistance in the continued recovery from the COVID-19 pandemic.

Among the myriad of relief provisions included in the Act is $21.55 billion in Emergency Rental Assistance. This assistance for renters provides further relief to the $25 billion in Emergency Rental Assistance that was included in the Consolidated Appropriations Act passed in December of 2020.

The Emergency Rental Assistance provision provides funds for eligible renters and landlords to cover rent, rental arrears, utilities, home energy costs, and other housing-related expenses with a maximum of 18 months of assistance per eligible household. Funds will be distributed to state and local governments for this purpose via the U.S. Department of Treasury.

We will continue to communicate pertinent guidance and instructions on the implementation of the American Rescue Plan Act and the Consolidated Appropriations Act as well as other important information related to the pandemic.

As an additional resource, please reference the National Multifamily Housing Council’s Frequently Asked Questions on the Emergency Rental Assistance and its implementation.

Emergency Rental Assistance FAQs

We remain committed to providing reliable information and support to renters who are financially impacted by COVID-19. Our Renters Resource webpage provides options for relief, information about our Renters Resource Finder tool, and access to Disaster Response Network counselors, who can guide renters toward even more resources.

Whatever the future holds, we’ll be here to help you and the renters we ultimately serve.