On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA). First and foremost, ARPA includes $21.55 billion in dedicated emergency rental assistance funding, which continues federal support of state and local rental assistance programs across the country. Combined with the $25 billion in rental assistance funding allocated in the Consolidated Appropriations Act of 2021, these funds are a significant step forward in closing the growing “gap” of tens of billions of dollars of outstanding rental debt that have accumulated during the pandemic. Simply put, the funds are a lifesaver for both renters and housing providers who have been hardest hit.
Additionally, the new law does not extend the federal eviction moratorium that remains in place until March 31, 2021. The following summarizes the “key” aspects of the ARPA with regard to housing relief: