Mortgage News April 3, 2023
The U.S. Department of the Treasury has released new data indicating that nearly 10.8 million Emergency Rental Assistance (ERA) payments have been made to households at risk of eviction, representing a significant investment in long-term housing stability. Deputy Secretary of the Treasury Wally Adeyemo praised the program’s effectiveness in helping vulnerable renters, stating that “Today’s data illustrates how ERA funds have kept millions of families in their homes.”
The ERA program has made $46.55 billion available to promote housing stability, and a recent report found that state and local governments have also used $15.9 billion in State and Local Fiscal Recovery Funds for more than 2,100 projects to meet housing needs. These investments include over $5.4 billion committed to affordable housing development and preservation.
The pandemic has had a severe impact on renters, and eviction prevention programs have become more important than ever. The ERA program has been successful in supporting outreach to communities, funding eviction prevention and diversion efforts, and supporting relocation and rehousing efforts. According to Deputy Secretary Adeyemo, “we must build on the legacy of the ERA program and help communities make long-term, durable investments in eviction prevention, homeowner assistance, and the construction and preservation of affordable housing.”
Research has shown that evictions can have serious consequences for families, including interrupting school and work, affecting physical and mental health, and causing food insecurity. The majority of ERA funds have gone to low-income and traditionally underserved renters of color, and more than 85% of ERA beneficiaries are very low-income families. The demographic information included in the data release shows that funds have reached a diverse range of households.
In conclusion, the Emergency Rental Assistance program has been a crucial response to the eviction crisis exacerbated by the pandemic. The program has helped keep millions of families in their homes, and the Treasury Department’s recent report highlights the need for continued investment in eviction prevention infrastructure and affordable housing. As the United States continues to recover from the pandemic, these investments will be more important than ever in promoting housing stability for vulnerable renters.
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