The Department of the Treasury published new guidance outlining the process for reallocating Emergency Rental Assistance (ERA) funds. Newly published items include a summary, official guidance and a letter Deputy Secretary Adeyemo sent to grantees. The $25 billion in ERA funding authorized by the Consolidated Appropriations Act of 2021 (ERA 1) requires Treasury to identify “excess funds” from amounts grantees have not obligated beginning September 30 and reallocate those resources to grantees who have obligated at least 65 percent of their initial ERA 1 allocation.
Each grantee must provide Treasury with an “Obligated Funds Certificate” specifying how much they have obligated as of Sept. 30, 2021. If the grantee has obligated less than 65 percent of its allocation, it also is required to submit a program self-assessment and improvement plan for Treasury’s approval by November 15. Read more from the National Council of State Housing Agencies.