Trending Now :

The US Housing Market Is Booming. Is a Crash Ahead? Financial Literacy: How to Be Smart with Your Money Non-Fungible Token (NFT):EXPLAINED SKYROCKETED CEO PAY & LONG LINES AT FOOD BANKS Amazon Workers Want to Unionize Another Major City Piloted Universal Basic Income The New Bubble: SPACs SUBMIT YOUR PPP ROUND 2 APPLICATION BEFORE MARCH 31ST Robinhood-GameStop Hearing & Payment for Order Flow Guess Who’s Coming to Main Street Democratic Senators Say No to $15 Minimum Wage BEZOS OUT! President Biden Most Impressive Act Went Unnoticed: CFPB Biden $1.9 Trillion Stimulus Package 2021 IPO DRAFT CLASS: Ranking the Top 10 Prospects $25 Billion Emergency Rental Assistance NO, TESLA IS NOT WORTH MORE THAN TOYOTA, VOLKSWAGEN, HYUNDAI, GM, AND FORD PUT TOGETHER AMAZON TO HAND OUT ITS WORKERS $300 HOLIDAY BONUS Where Does the American Middle-class stand on Student Debt Relief? Joe Biden’s Economic Plan Explained 4 TYPES OF BAD CREDIT REPORTS AND HOW TO FIX THEM What Is the Proper Approach to Not Buy Too Much House? FISCAL STIMULUS PLANS STILL IN ACTION How to Pick Investments for Your 401(k) 10 Simple Ways to Manage Your Money Better All You Need to Know about Reverse Mortgage All You Need to Know about Wholesale Real Estate Credit card Teaser Rates AVERAGE CREDIT CARD INTEREST RATE SURGES TO 20.5 Percent Trump Signs 4 Executive Orders for Coronavirus Economic Relief The Worst American Economy in History WHY CREDIT CARDS MINIMUM PAYMENTS ARE SO LOW? 10 BIGGEST COMPANIES IN AMERICA AND WHO OWNS THEM White House Wants to End the Extra $600-A-Week Unemployment  10 Countries That Penalize Savers FEWER CREDIT CARD BALANCE-TRANSFER OFFERS ARE IN YOUR MAILBOX Private Payrolls and the Unemployment Rate SHOULD YOU BUY INTO THE HOUSING MARKET RESILIENCY? WILL WE GET A SECOND STIMULUS CHECK The Child Tax Credit and Earned Income Tax Credit THE RETURN OF BUSINESS CYCLES Should You Request a Participant Loan or an Early 401(k) Withdrawal? Homebuyers Should Not Worry about Strict Mortgage Borrowing Standards The Potential Unintended Consequences of Mortgage Forbearance All Business Owners Need to Know about the Paycheck Protection Program 10 MILLION UNEMPLOYMENT CLAIMS IN TWO WEEKS HOW WILL THE GLOBAL MIDDLE-CLASS RECOVER FROM A SECOND ECONOMIC RECESSION IN A DECADE? WILL U.S. CONSUMERS CONTINUE TO SPEND? HOW’S YOUR 401(k) PRESIDENT TRUMP SIGNS $2.2 TRILLION CORONAVIRUS STIMULUS BILL MIDDLE-CLASS NIGHTMARE: MORE THAN 3.3 AMERICAN FILED FOR UNEMPLOYMENT CLAIMS IN THE US LAST WEEK. LAWMAKERS AGREED ON $2 TRILLION CORONAVIRUS STIMULUS DEAL CORONAVIRUS STIMULUS PACKAGE FAILED AGAIN IN THE SENATE APRIL 15 (TAX DAY) DELAYED DEMOCRATS AND REPUBLICANS DIFFER ON HOW $2 TRILLION OF YOUR TAX MONEY SHOULD BE SPENT YOU CAN DELAY MORTGAGE PAYMENTS UP TO 1 YEAR, BUT SHOULD YOU? 110 Million American Consumers Could See Their Credit Scores Change The Middle-Class Needs to Support Elizabeth Warren’s Bankruptcy Plan The SECURE Act & Stretch IRA: 5 Key Retirement Changes 5 Best Blue-chip Dividend Stocks for 2020 9 Common Bankruptcy Myths 401(K) BLUNDERS TO AVOID Government Policies Built and Destroyed America’s Middle-Class & JCPenney Elijah E. Cummings, Esteemed Democrat Who Led the Impeachment Inquiry into Trump, Dies at 68 12 Candidates One-stage: Who Championed Middle-Class Policies the Most WeWork: From Roadshow to Bankruptcy Stand with the United Auto Workers Formal impeachment Inquiry into President Donald Trump America Is Still a Middle-Class Country SAUDI OIL ATTACKS: All YOU NEED TO KNOW THE FEDERAL RESERVE ABOLISHED BUSINESS CYCLES AUTO WORKERS GO ON STRIKE Saudi Attacks Send Oil Prices Spiraling REMEMBERING 9/11 What to Expect from the 116th Congress after Their August Recess Should You Accept the Pain of Trump’s Trade War? 45th G7 Summit-President Macron Leads Summit No More Upper-Class Tax Cuts Mr. President! APPLE CARD IS HERE-SHOULD YOU APPLY? THE GIG ECONOMY CREATES A PERMANENT UNDERCLASS 5 REASONS IT’S SO HARD FOR LOW-INCOME INDIVIDUALS TO MOVE UP TO THE MIDDLE CLASS ARE YOU PART OF THE MIDDLE CLASS? USE THIS CALCULATOR TO FIND OUT? WELLS FARGO IS A DANGER TO THE MIDDLE CLASS The Financialization of Everything Is Killing the Middle Class
Emergency Rental Assistance
American Middle Class

$25 Billion Emergency Rental Assistance

The emergency rental assistance program is one of the best provisions from the $900 billion Covid-19 stimulus package and the $1.4 trillion government spending bill.

At first, President Trump refused to sign the covid-19 relief bill.  He demanded Congress to provide $2,000 direct payments to individuals making up to $75,000 per year and couples making up to $150,000 per year.

He reneged on his demand and signed the bill.  The 43 million rental households in the U.S. should rejoice because the bill has a massive $25 billion rental assistance provision in it.

EMERGENCY RENTAL ASSISTANCE

The $900 billion Covid-19 stimulus package and the $1.4 trillion government spending bill will provide $600 direct payments to most Americans, give forgivable loans to qualified businesses via the  Paycheck Protection Program, and increase food and farm aid subsidies.

The aforementioned provisions were part of the original CARES Act that the president signed into law back in March.  

The CARES Act included a 120-day federal eviction moratorium for renters, but it did not include direct rental assistance.  President Trump extended the federal eviction moratorium back in August.

Renters who have been postponing their rents for the past 9 months will have a chance to apply for rental assistance and bring their balances current.

Who Is Qualified for Rental Assistance

 One or more individuals has

    • Qualified for unemployment benefits or 
    • experienced a reduction in households income
    • incurred high cost, or experienced other financial hardship dues, directly or indirectly to the pandemic
    • A past due utility  or rent notice or eviction notice
    • Unsafe or unhealthy living condition or 
    • any  other evidence of such risk

Top 10 most expensive cities for renters

According to zumper, $2,491 is the average rent of a one-bedroom in the US cities with the highest rent.  Renters who have been postponing their rent for the past 9 months are about $22,419 in arrears if they live in any of those 10 cities listed above.  

The monthly median rent for a one-bedroom apartment in the United States is about $1,079 per month.  The average American renter would be about $9,700 in arrears by year-end if they postponed their rent payments back in March or April.

How Can I Apply for Rental Assistance

The federal government will divvy up the funds amongst the states and territories.  Renters will have to apply for assistance from their state or local government. 

Your state will most likely send the funds to your local government housing authority, which will administer the program.  So, you need to check with your local government continuously over the next few weeks.

Your landlord can also assist you in applying for the program. You need to reach out to your landlord if you need help. 

BACK TO TOP
Author

Editorial Fellow for Contributors and Partnerships.

Continue Reading
Click to comment

Leave Comment

Advertisement
American Middle Class / May 22, 2021

What to Make of America’s Inflation Spike?

Since the late 1920’s when statistics began to be officially compiled, the US inflation rate...

American Middle Class / May 09, 2021

How to Use Credit Cards Wisely

Lenders want you to be creditworthy before they can finance that house, car, or new...

American Middle Class / May 02, 2021

Time to Start Paying Back the Covid-19 Hardship Withdrawal

Covid-19 hardship withdrawal was made possible by the Coronavirus Aid, Relief, and Economic Security (CARES)...