House and Senate Introduce Emergency Rental Assistance and Rental Market Stabilization Act

Senate Banking, Housing and Urban Affairs Committee Ranking Member Sherrod Brown (D-OH) and 25 co-sponsors introduced the Emergency Rental Assistance and Rental Market Stabilization Act, which would provide $100 billion in emergency rental assistance. House Financial Services Committee Chairwoman Maxine Waters (D-CA) and Rep. Denny Heck (D-WA) introduced a companion bill in the House of Representatives along with 131 co-sponsors. The $100 billion provided under the bill can be used for short- and medium-term rental assistance, as well as housing relocation and stabilization activities. Seventy percent of the funding is for very low-income households (50 percent of AMI), of which at least 40 must go to extremely low-income households (30 percent of AMI). The remaining 30 percent can be used to assist low-income households (80 percent of AMI). The funds can be used to reimburse grantees for eligible expenses incurred after March 27, 2020. NH&RA signed the National Low Income Housing Coalition letter supporting the bill. The bill is included in the HEROES Act.