Treasury Department gives out $6 billion to assist landlords and renters. More money is on the way

Real Estate

Residential buildings in the East Village neighborhood of Manhattan in New York City.
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The Treasury Department announced on Friday that it’s disbursed more than $6 billion to states to help renters and landlords struggling because of the coronavirus pandemic.

Between the last two major stimulus packages, Congress has allocated more than $45 billion in rental assistance. States now have access to more than $30 billion of that money, and the rest is supposed to be available over the next few months.

With the national eviction ban set to expire in weeks, housing advocates say it’s vital the funds are given out quickly.

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Even as the public health crisis fades, more than 1 in 7 adult renters in the U.S. still say they’re behind. Among Black renters, that share increases to 1 in 5.

“Treasury is committed to providing direct, rapid support to those impacted by the Covid-19 pandemic and addressing the deep disparities in our housing systems that threaten our economic recovery,” Deputy Secretary of the Treasury Wally Adeyemo said in a statement.

More than 360 programs across the country are giving out the federal rental assistance. The National Low Income Housing Coalition has a list of them on their website.

Programs are supposed to prioritize low-income renters and the unemployed, and people can get up to 18 months of assistance.

The aid typically goes to the property owner, although organizations can give the money directly to renters if their landlords refuse to cooperate, as some are doing.

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