This is a big opportunity for community investment! Treasury issued its final rule last week for the ARPA State and Local Fiscal Recovery Funds including a broad set of eligible uses including affordable housing: https://nlihc.org/sites/default/files/ARPA_Coronavirus-State-and-Local-Fiscal-Recovery-Funds.pdf via @NLIHC @GuidehouseSLG
"The wide array of eviction prevention and diversion programs share a common goal: to create an opportunity for all litigants — tenants and landlords — to have the time and resources to resolve their housing problems in the least harmful way possible." https://www.nytimes.com/2022/01/13/opinion/housing-eviction.html
Great that Treasury is redistributing Emergency Rental Assistance to states and counties that need more funding! But in some places (like my hometown of Philadelphia), the additional funding was not nearly enough to address the need for aid: https://www.bisnow.com/national/news/affordable-housing/treasury-rental-assistance-reallocation-announced-not-much-111492?utm_source=outbound_pub_20&utm_campaign=outbound_issue_54642&utm_content=outbound_link_7&utm_medium=email
Philly has assisted nearly 23k households with its Emergency Rental Assistance. But funds are running short and nearly 80k households have applied. States and cities need much more funding to address our nation's severe housing stability crisis and prevent evictions!
Alarming (if not surprising): "ownership costs have risen in the fourth quarter of 2021, with the typical home consuming 25.2% of the average national wage of $65,546. In comparison, the fourth quarter of 2020 saw ownership costs at 21.5%." https://www.housingwire.com/articles/home-affordability-plummeted-in-fourth-quarter/ @HousingWire