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
May 30, 2025
NAHB Members Provide Final Recommendations for New WOTUS RuleNAHB members concluded their participation in multiple “waters of the United States” (WOTUS) listening sessions with strong showings in Washington, D.C., and Salt Lake City. In total, 12 NAHB members and four staff members from NAHB and state home builder associations (HBAs), representing 11 states, provided oral statements at listening sessions.
May 30, 2025
Statement from NAHB Chairman Buddy Hughes on DOL Decision to Pause Job Corps Center OperationsNAHB Chairman Buddy Hughes issued the following statement after the Department of Labor announced it was pausing Job Corps center operations nationwide.
Latest Economic News
May 30, 2025
Multifamily Absorption Moves Lower for New ApartmentsThe percentage of new apartment units that were absorbed within three months after completion continued to trend lower, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA).
May 29, 2025
Treasury Yield Increase Drives Mortgage Rates Higher in MayMortgage rates continued their upward trend in May due to market volatility triggered by fiscal concerns and weaker U.S. Treasury demand. According to Freddie Mac, the average 30-year fixed-rate mortgage rose to 6.82% — a 9-basis-point (bps) increase from April. The 15-year fixed-rate mortgage increased by 5 bps to 5.95%.
May 28, 2025
Aging-in-Place Remodeling Work Fell While Familiarity and Receptiveness Remain HighOnly 56% of professional remodelers undertake projects designed to allow homeowners to Age-in-Place (AIP), according to results from NAHB’s Q1 2025 Remodeling Market Index (RMI) survey.