It seems like yesterday, but a couple months ago we posted about the Treasury Department patting itself on the back for spending $1.5 billion in rental assistance out of the nearly $46 billion allocated. Now, fast-forward to October and we learn that only an addition $8.5 billion has been spent, or around 20% of the total. As reported by Bloomberg & various media outlets, the Treasury Department is boasting that $2.8 billion was released last month, bringing the total to $10.7 billion, out of the $46.5 billion appropriated by Congress to prevent evictions during last year’s Covid-19 pandemic. Reportedly, just around 2 million payments have been made to date.
“State and local governments picked up the pace of distributing emergency rental assistance funds in September amid a push from the Biden administration to accelerate payments to households.”