The recently enacted American Rescue plan contains additional funding for housing assistance. The package includes $21.55 billion in new money for rental assistance, on top of the $25 billion allocated in December. It also has $10 billion for a Housing Assistance Fund that will allow state housing finance agencies to help homeowners with COVID-19 hardships and $100 million for housing counseling services.

While we’re working with state officials to figure out exactly what funding will be available in Virginia moving forward, you can find up-to-date information on the current Rent Relief Program at the Virginia Department of Housing and Community Development website.

In addition to the new housing assistance, here is the list of items in the package designed to assist individuals, businesses, and state and local government programs:

• $1,400 stimulus checks per person, phased out completely for individuals earning $80,000 per year and couples earning $160,000 per year (Those earning under the income limits will also receive $1,400 in stimulus money for each dependent, regardless of age, claimed on their latest filed tax return.)
• An extension through Sept. 6, 2021, to the Pandemic Unemployment Assistance program with continuation of the current $300 per week in Pandemic Unemployment Compensation
• Exclusion of up to $10,200 in unemployment compensation from taxation for those with AGI of $150,000 or less, beginning in tax year 2020
• A one-year increase in the child tax credit, paid in monthly installments, including $3,000 a year for each child ages 6 to 17, and $3,600 a year for each child under age 6 for couples who make $150,000 or less and single parents who make $112,500 or less
• Expanded Paid Sick and Family Leave through Sept. 30, 2021
• $15 billion for a new small business grant program
• $350 billion in state and local aid
• $130 billion for schools

Read NAR’s comprehensive write-up of the American Rescue Plan here.