Still can’t pay your rent or mortgage? Here’s how the new stimulus plan will help

  • March 12, 2021
Still can’t pay your rent or mortgage? Here’s how the new stimulus plan will help

The plan includes $27 billion in rent relief, $10 billion in mortgage payment relief and $5 billion to address homelessness.

Although this unprecedented amount of aid will provide relief for millions, it still won’t be enough to cover the ongoing need for housing assistance, said Diane Yentel, the president and chief executive officer of the National Low Income Housing Coalition.

At the end of February, 13.5 million people said they were behind on their rent — nearly 1 in 5 of all renters — according to a Center on Budget and Policy Priorities analysis of a Census Bureau survey. Renters owe an estimated $57 billion in back rent, according to a Moody’s Analytics report.

There are 2.6 million homeowners currently in a forbearance program, which allows them to delay or defer their payments according to Black Knight. At the end of January, an estimated $19 billion in payments of principal and interest were past due because of the pandemic, the mortgage data company said.

“The combined funding from this bill and the previous bill could address most, if not all, of the arrears,” Yentel said. “But more will be needed for continuing challenges.”

Rent relief

The main source of rent relief in the new law is $21.55 billion in emergency rental assistance. That funding will be added to the $25 billion in aid that already went to states and localities in December to help families pay for rent and utilities and stay in their homes.
Yentel said that, according to her organization’s database that tracks relief, most of the December funds have not reached tenants or their landlords yet. (Direct links to programs offering state and local emergency rental assistance programs across the country can be found at the NLIHC website and other information on rent relief programs can be found at the Consumer Financial Protection Bureau website.)

But there are other sources of rent relief in the new package that are more targeted. For example, $100 million has been set aside for people living…

Read the full article at rss.cnn.com

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