More Federal Aid Possibly on the Way for Renters and Landlords

The current Federal Eviction Ban and assistance program is set to expire on January 31st, 2021. Newly elected president Biden announced on Thursday, January 14th his proposal on the next wave of federal assistance.

Under his proposed plan, eviction and foreclosure moratoriums would be extended through the end of September 2021.

Here are additional important takeaways the new proposals could include:

• The proposal includes another $30 billion dollars in rental assistance programs to help pay overdue rent and bills.
• It includes an additional $5 billion dollars to allocate to local programs to assist the homeless.
• Up to $1,400 stimulus checks per eligible adult.

The current eviction ban that was passed by Congress in December 2020 is set to expire at the end of January.It currently offers $25 billion in rent relief. We don’t know what conditions the new eviction ban would entail, but here’s what we do know about the current eviction ban.

• The total income must not exceed 80% of the area’s average.
• At least one member of the home must show risk of becoming homeless.
• One member must qualify for unemployment benefits or has suffered financial loss because of Covid 19.
• Households who currently have unemployed members have higher priority.
• Homes under the 50% income average threshold also have higher priority.

We’ll provide more information as it becomes available.