Treasury Will Review Reallocating Portions of Unused ERAP Funds on Sept. 30
On Sept. 30, the Treasury Department will be required by law to consider reallocating unused funds from the Emergency Rental Assistance Program (ERAP) that was passed by Congress in December 2020 to help renters and landlords who were affected by the COVID-19 pandemic.
Congress appropriated two rounds of ERAP funds totaling $46.5 billion and the law applies to the first ERAP, which allocated $26.5 billion to help distressed tenants and property owners. Roughly $7.7 billion has been distributed from this $26.5 billion that Congress appropriated.
On Sept. 24, the deputy secretary of the Treasury released a letter on how the Treasury intends to approach the reallocation process:
- Treasury will not be seizing state and local grantees’ ‘excess’ ERAP all at once — it will be done gradually over a period of months;
- Grantees will have the opportunity to show reason for keeping their ERAP;
- Obligated ERAP will not be reallocated; and
- Treasury wants to keep the reallocated ERAP in the same state.
NAHB continues to advocate for effective solutions to expedite ERAP assistance to renters and housing providers. We strongly urge the Treasury Department and ERAP grantees to ensure this policy does not further delay ERAP applications in the pipeline and create new confusion about where to apply for ERAP assistance.
For more information, contact Michelle Kitchen.
Latest from NAHBNow
Jul 01, 2025
Use NAHB Resources to Protect Workers from Heat and UV ExposureAs NAHB celebrates UV Safety Awareness Month in July, it is important for home builders and general contractors to educate workers about the potential risks associated with UV radiation, and have plans and resources in place to keep them safe on the jobsite.
Jul 01, 2025
Senate Passes Tax Bill With Many Wins for NAHB MembersThe Senate today passed the One Big Beautiful Bill Act (H.R. 1) — sweeping tax and domestic policy legislation that includes several important housing and business provisions that will benefit small businesses, real estate and our members. Most notably, NAHB was able to secure key wins regarding state and local tax deductions for individuals and pass-through businesses.
Latest Economic News
Jul 01, 2025
May Private Residential Construction Spending DipsPrivate residential construction spending fell by 0.5% in May, marking the fifth straight month of decreases. This drop was primarily driven by reduced spending on single-family construction. Compared to a year ago, total spending was down 6.7%, as the housing sector continues to navigate the economic uncertainty stemming from ongoing tariff concerns and elevated mortgage rates.
Jul 01, 2025
Flat Job Openings for ConstructionThe count of open, unfilled positions in the construction industry held steady amid a slowdown for housing, per the May Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS).
Jun 30, 2025
2024 New Single-Family Starts by Census DivisionDespite persistently high mortgage rates, elevated financing costs for builders, and a shortage of buildable lots, single-family starts rebounded in 2024, following two straight years of declines.