On Wednesday, March 10th, Congress passed the American Rescue Plan of 2021. In total, the bill contains $1.9 trillion in comprehensive COVID-19 relief, including $1,400 stimulus checks, extension of unemployment insurance, and direct aid to state and local governments.
The American Rescue Plan of 2021 also includes the following affordable housing resources:
- $21.55 billion for the Emergency Rental Assistance program;
- $9.96 billion to establish a Homeowner Assistance Fund that would be administered by the Treasury Department;
- $5 billion for homelessness assistance and supportive services;
- $5 billion in emergency housing vouchers;
- $800 million to identify and provide children and youth experiencing homelessness with wrap-around services amid the pandemic;
- $750 million for housing assistance and supportive services for Native Americans;
- $100 million to assist tenants living in USDA-subsidized developments;
- $100 million for housing counseling;
- $39 million for direct loans made under Section 502 and 504; and
- $20 million for the Fair Housing Initiative Program.
President Biden is expected to sign the legislation into law before the end of the week.