Last Friday, the Trump administration signed the third stimulus package, Coronavirus Aid, Relief, and Economic Security (CARES) Act, to respond to the Coronavirus (COVID-19) pandemic. The stimulus package, which includes $2T in direct spending, will provide financial relief for individuals, businesses, and state and local governments affected by the pandemic. Related to housing, the bill allocates $12.4B to HUD Programs, see detailed list below:
- $5 billion for the Community Development Fund;
- $4 billion for homeless assistance through Emergency Solutions Grants;
- $1.25 billion for Tenant-Based Rental Assistance, including $850 million for increased public housing agency administrative and operational expenses and $400 million for increased per-unit voucher costs due to COVID-19;
- $1 billion for Project-Based Rental Assistance;
- $685 million for the Public Housing Operating Fund;
- $300 million for Native American programs, including $200 million for the Native American Housing Block Grants program and $100 million for the Indian Community Development Block Grant program;
- $65 million for the Housing Opportunities for Persons with AIDS (HOPWA)Program;
- $50 million for the Section 202 Housing for the Elderly program;
- $50 million for additional administrative expenses incurred by HUD due toCOVID-19;
- $15 million for the Section 811 Housing for Persons with Disabilities program;
- $5 million for the HUD Inspector General to provide oversight for the additional funds being distributed; and
- $2.5 million for fair housing activities including enforcement and outreach.
Additionally, the legislation appropriates:
- $150B to a newly created Coronavirus Relief Fund to provide funding to state, local and tribal governments impacted by COVID-19;
- $500B to eligible businesses, states, and municipalities for losses incurred as a result of coronavirus;
- $45.4B for Federal Emergency Management Administration (FEMA) Disaster Relief Fund to help with response and recovery activities and reimbursements to affected states and localities; and
- $340B in emergency appropriations for specific needs such as SNAP, LIHEAP, and healthcare.
Also, the bill provides a 120-day moratorium on evictions for residents residing in federally funded properties (i.e. Housing Tax Credit properties), forbearance for up to 90 days for multifamily properties with federally backed mortgages and extends and expands unemployment insurance for workers affected by the impact of COVID-19. For more information, see NLIHC’s full analysis.
Previously, Congress passed two COVID-19 related response bills to mitigate economic impacts:
- R. 6201, Families First Coronavirus Response Act, and
- R. 6074, Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020. The Families First Coronavirus Response Act bill includes paid sick leave guarantees for certain workers, expanded food assistance and unemployment insurance benefits, and employer tax credits, among other measures. See employees rights poster.