The Treasury Department has detailed the most recent numbers for Emergency Rental Assistance (ERA) program disbursements, noting state and local governments helped over 521,000 renters and landlords in October.
The total number of ERA program payments is now over 2.5 million. The Treasury Department projecting approximately $25 to $30 billion of combined ERA 1 and ERA 2 funding is slated to be spent by the end of the year.
The Treasury Department has expedited the pace with which funds are reaching renters, adding the end of October reflected over 100 state and local ERA 1 grantees had expenditure ratios of at least 95 percent or more – indicative of completed spending ERA 1 funds.
The Treasury Department has cited ERA disbursement examples that include New York State announcing it has paid or obligated $2 billion of its $2.4 billion total ERA funding, and Texas determining the total applications in its system, which already reflects $1.2 billion it has already disbursed, presently exceeds the state’s combined ERA1 and ERA2 allocations. Oregon reported all of its funds are earmarked between this already allocated and applications in process.
The Treasury Department indicated the agency is also urging states to utilize additional funding sources that include Coronavirus State and Local Fiscal Recovery Funds to aid in supporting renters.