With President Trump’s signature on the recent $900 Billion Covid-19 Relief Bill the details are fully emerging and being implemented by the Administration. Among these are an extension of the CDC eviction moratorium through January, 2021 as well as provisions for emergency rental assistance, details of which were discussed in a previous post.
Below is an excerpt from a congressional summary document of H.R. 133, courtesy of WSJ.com:
Subtitle A — Emergency Rental Assistance
Sec. 501. Emergency Rental Assistance.
Section 5201 appropriates $25 billion through Treasury to provide to state and local government entities, including $400 million for U.S. territories and $800 million for Native Americans, Alaska Natives, and Native Hawaiians (with the District of Columbia treated as a state). Funds would be required to be allocated to state and local governments (“grantees”) within 30 days of enactment. Eligible households are defined as renter households who: (1) have a household income not more than 80 percent of AMI; (2) have one or more household members who can demonstrate a risk of experiencing homelessness or housing instability; and (3) have one or more household members who qualify for unemployment benefits or experienced financial hardship due, directly or indirectly, to the pandemic. Assistance would be prioritized for renter households whose incomes do not exceed 50 percent of AMI as well as renter households who are currently unemployed and have been unemployed for 90 or more days. Financial assistance provided under this section is non-taxable for households receiving such assistance.Sec. 502. Eviction Moratorium.
This section extends the CDC eviction moratorium until January 31, 2021.
Click here to read a division-by-division summary of Covid-19 relief provisions.
Click here to read our previous post, Highlights from the Stimulus Bill of 12/20.
Click here to read how the bill affects the apartment industry from the NAA.
