Thursday, July 25, 2024
HomenewsNew Jersey's Senator Menendez and Assemblyman Booker Have Announced $35 Million in...

New Jersey’s Senator Menendez and Assemblyman Booker Have Announced $35 Million in Rent Subsidies.

NJ– On Thursday, U.S. Senators Bob Menendez and Cory Booker (both D-N.J.) announced $35,160,643.26 million in reallocated federal housing rental assistance funding for New Jersey tenants in financial distress.

The U.S. Treasury compensated applicants who did not use their Emergency Rental Assistance Program grants (ERA).

Grantees:

  • New Jersey—$33,653,052.05
  • Monmouth County—$1,411,916.69
  • Passaic County—$95,674.42

“As many families around the state continue to recover from the economic repercussions of the pandemic and struggle with the high cost of housing, this reallocation of rental assistance monies will be a lifeline to help keep them in their homes,” Menendez said.

While this financing is critical, it is just one of several measures needed to address the national housing problem, which is why I continue to work for New Jersey to obtain additional affordable housing dollars in Washington.”

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“This assistance is another essential step toward helping New Jerseyans pay rent, utilities, and other necessities to stay in their homes,” Booker said.

“I’m delighted to see Emergency Rental Assistance funding distributed to communities across our state and know they’ll provide tremendous financial comfort to families.”

The Treasury Department distributed $690 million in reallocated ERA monies to 89 state and local recipients.

Treasury has redirected nearly $3.5 billion to areas with significant need, establishing an incentive for localities to quickly connect people and families with government aid. Low-income and underserved tenants of colour have received ERA money, according to studies.

Millions of Americans are in severe rental debt and fear eviction and losing basic housing security as the economy recovers from the pandemic. COVID-19 has compounded a pre-pandemic affordable housing problem with deep gaps that endanger an inclusive economic recovery.

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The ERA programme helps rent- and utility-poor households to satisfy this demand. ERA1 gives up to $25 billion under the Consolidated Appropriations Act, 2021, enacted on December 27, 2020, and ERA2 offers up to $21.55 billion under the American Rescue Plan Act of 2021, enacted on March 11, 2021.

States, territories, municipal governments, and Indian tribes (ERA1) get payments directly. Grantees provide rental assistance to eligible households through existing or new initiatives.

Sen. Menendez has always championed affordable housing. He introduced the “Livable Communities Act” in August 2021 to encourage local communities to partner strategically to develop bold, innovative solutions that reflect their unique character while leveraging existing assets, including transit, to revitalise neighbourhoods, spur economic development, create jobs, and address affordable housing needs.

In 2021, the Senator obtained $100 million to boost housing counselling and aid services for millions of renters and homeowners fighting to stay in their houses during the pandemic’s economic crisis.

Sapna Pal
Sapna Palhttp://newjerseylocalnews.com
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