Congress passed a $900 Billion COVID-19 aid bill, that although subject to change, will bring economic relief to millions of Americans. This relief package provides additional financial support and more direct payments to business owners, individuals, resources for vaccination, and much needed rental assistance.
One of the biggest wins that came from the passing of this bill has been the rental assistance. Landlords and tenants alike have had a tough year trying to keep up with payments. This new relief package will provide billions of dollars in rental assistance for both tenants and landlords through September 30, 2022.
Below find some key components pertaining to tenants and landlord of this new round of relief as stated by The National Association of Realtors:
- Provides a new round of direct stimulus payments of $600 to most Americans including dependents
- Extends every unemployment assistance, which includes the Pandemic Unemployment Assistance (PUA), up until April 19, 2021, with a $300 weekly boost in payments until March 14. O Unemployment benefits are extended to the self-employed
- Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and lets landlords apply for funds on the tenants’ behalf
- Comprises payments for rent in utilities especially arrears and other expenses that relates to housing
- Makes extension to federal eviction ban until ending of January
There will be $25 billion that will be made available for rental assistance in the bill. The federal assistance in Massachusetts will most likely be distributed through the RAFT program, which recently increased its limits to assist eligible households with up to $10,000 to pay for past due or future rent.
The link provided below contains information about applying for RAFT programs.