President Biden delivered his first prime-time speech to the nation hours after signing the $1.9 trillion bill, the American Rescue Plan. The massive stimulus package contains critical assistance for apartment residents and housing providers and makes key investments across the housing sector.
“This historic legislation is about rebuilding the backbone of this country and giving people in this nation — working people and middle-class folks, the people who built the country — a fighting chance. That’s what the essence of it is,” the President remarked at the signing.
NMHC President Doug Bibby released a statement on the final passage of the bill where he “applauded leaders of Congress as well as President Biden and his team on the passage of the American Rescue Plan that will offer sustained support and assistance to the millions of families in apartment homes across the country.”
The legislation includes key funding, including:
Additional direct assistance:
- $1,400 payments to individuals earning less than $75,000 and couples earning less than $150,000
- $300 a week in extra unemployment assistance through September 6 – the first $10,200 is tax free to households making less than $150,000
Over $40 billion in money specific to rental housing.
- $27.4 billion in total for rental assistance which includes the following:
- $21.55 billion for ERAP
- $5 billion for housing vouchers that can be used for rental assistance,
- $100 million for rural rental assistance; and
- $750 million for rental assistance for tribal, native, Hawaiian populations
- $5 billion for homelessness assistance
- $120 million for counseling and fair housing
- $4.5 billion for utility assistance
This legislation marks a capstone after a year of dedicated advocacy by NMHC focusing on making sure that the multifamily industry and its residents were provided the support necessary for weathering COVID-19 and the resulting financial distress.
Taken together with the package passed in December which included the first $25 billion in rental assistance, this represents one of the largest ever investments in the nation’s housing. NMHC will continue to work closely with the Administration on the implementation of the program to ensure the efficient dispersal of funds to those in need and move quickly to ensure that residents and property owners in need can access these funds.
NMHC has created a number of resources to assist residents and property owners navigate the new rental assistance program that can be found here. Finally, NMHC wishes to thank its membership who, through their engagement with members of Congress, highlighting their personal experiences and overall support, made it possible for the industry to achieve this deeply impactful victory.
