Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

U.S. Treasury expects rental aid to reach $25-30 billion by year-end

11/29/2021 | 05:58pm EST
FILE PHOTO: A

WASHINGTON (Reuters) - State and local governments distributed more than $2.8 billion in emergency rental assistance funds to more than 521,000 renters in October, the U.S. Treasury Department said on Monday, forecasting that $25 billion to $30 billion in such funds would be spent or obligated by the end of the year.

The Treasury said its efforts over the last six months to give state and local governments more flexibility in distributing the funds had helped accelerate the flow to renters in need, after slow early progress.

In its latest update on the program, the Treasury said more than 2.5 million payments had been made to renters.

For ERA 1 alone, the Treasury estimates that at least 80% of the program's funding will be spent or obligated by year-end, nine months before the deadline for grantees to spend their initial allocations.

As of the end of October, more than 100 state and local governments receiving grants had expended 95% or more of their funds, and nearly 130 grantees had begun to spend their ERA 2 funds.

The Treasury said it had begun to reallocate unused funds, but said it expected only a limited amount to be available, given the rapid pace of improvement in the ERA programs.

The Treasury is also encouraging states and localities to use other sources of funds, including the $350 billion Coronavirus State and Local Fiscal Recovery Funds, to provide additional support to renters.

The U.S. residential rental vacancy rate dropped further in the third quarter as the economy continued to normalize after severe disruptions caused by the COVID-19 pandemic, potentially indicating that high inflation could last for a while.

The rental vacancy rate is closely watched as the debate over whether the current phase of high inflation is transitory heats up. Rents increased by the most since 2001 in September, helping to boost consumer prices that month.

(Reporting by Andrea Shalal; Editing by Sonya Hepinstall and Dan Grebler)


ę Reuters 2021
Latest news "Economy & Forex"
02:21aJapan raises view on production but signals Omicron risks
RE
02:20aUK employers add record number of jobs, unemployment falls
RE
02:18aNonsense that UK PM Johnson lied about lockdown party, Deputy PM Raab says
RE
02:17aGold slips as U.S. yields firm; traders await Fed rate hike clues
RE
02:10aS.Korea stocks hit 7-week closing low ahead of LGES IPO
RE
02:09aEuropean new car sales down 1.5% in 2021 - ACEA
RE
02:06aIndonesia passes law to relocate capital to remote Borneo
RE
02:02aIndonesia passes law to relocate capital to remote Borneo
RE
02:01aStarbucks ties up with Meituan to bolster presence in crucial China market
RE
02:00aPlus500 - extension of preferred technological enterprise accreditation for plus500 ltd.
RE
Latest news "Economy & Forex"