Good news for each struggling renter comes in the form of a $25,000 stimulus check! When coronavirus first hit the economy of the United States, the majority of the observers were afraid that homeowners without a job would surely default on their housing mortgages. They also feared that millions of American unemployed renters will have to resort to staying in the streets.
More Details About The $25,000 Stimulus Check!
Over one year has passed since the pandemic raged in the United States. Now it seems that the housing sector of the United States is volcanic. The primary reason being ultra-low rates when it comes to housing mortgages. However, while most homeowners have witnessed that the prices of their homes have increased, the renters have not got such a lucky and sweet deal.
Most renters work in various industries, most of which have been hit hard by the pandemic. Since most of the renters work in industries like retail and hospitality, their income has neither been steady nor been sufficient for paying off their rent! That is why they need the $25,000 stimulus check.
Millions of these renters are yet to pay their rent. But if you are among one of these renters, it is time for you to take a deep breath, stop panicking and finish the rest of this article! Help is being sent from the federal administration in the form of a $25,000 stimulus check. While $25,000 is the highest amount that a renter can receive, the specific amount that you will be getting in the form of a stimulus check will depend primarily on the location of your residence!
Along With The Stimulus Check, A Rental Aid Of $46.6B Is Available!
The government has already helped the renters with issues regarding their evictions. The government issued an eviction ban which was implemented nationwide. The ban also has an expiration date in the form of 30th June. That is why renters with no income or limited income are understandably under immense stress. Around 6M renters owe a total sum of $20B in the form of back rents. This is according to the new study conducted by housing experts and researchers at the California University, Berkeley.
They have also warned the nation of the upcoming “eviction cliff”. The government’s decision to go ahead with a $25,000 stimulus check seems perfectly balanced and justified. For helping these renters and helping them to come out of poverty, Congress has already approved a two-staged emergency rental relief: $25B in the form of the Coronavirus relief bill, passed during December and an additional $21.6B in the form of the Coronavirus stimulus bill of $1.9B signed by President Biden during the middle of March.
The treasury is responsible for overseeing all the funds and whether the proper and adequate distribution is being done when it comes to the $25,000 stimulus check. The National Coalition of Income Housing stated that the program of the Treasury includes an unprecedented amount of funding which will be used for providing emergency assistance regarding rentals to help renters get through these trying times.
The website of the coalition features a list consisting of around 400 assistance programs regarding rentals that are set to begin or are open across the US for proving the money to all those who actually need it. However, the funding in the form of a $25,000 stimulus check is available only for those renters having issues regarding paying utilities or rent due to the Coronavirus pandemic. If you are in such a similar bind, then don’t worry about being eligible for these checks.
How To Be Eligible For The $25,000 Stimulus Check?
However, getting this rental support is not very easy, but the process of application was streamlined recently to provide relief to people without anxiety-amplifying and unnecessary delays. For being eligible for this program, at least 1 household member should be eligible for receiving unemployment benefits. Another way is through willingly stating that the Coronavirus pandemic is responsible for his surging expenses or lost income that has made his life more difficult and paying rent impossible.
You also might have to prove that you are slipping into homelessness without government support through a rent notice or past-due utility. Additionally, for being eligible to receive the $25,000 stimulus check, your income of 2020 should be lower than 80 percent of the median income of your community. You can apply by finding the appropriate housing body of your locality through the Coalition’s website. All the eligible renters will be getting monetary rental assistance for eighteen months which will be responsible for covering both future and missed rent.
The Department of Treasury after hearing the issues faced by renters in accessing the aid has now made a primary change for making the process of distribution more smooth. The Department of Treasury has told the local agencies responsible for delivering the federal assistance, to offer the stimulus check directly to each renter and not first to their landlords. The Treasury Department has also guided the agencies to not evict the tenants for not paying their rent during the time they are receiving federal assistance.
Renters Of Some States Get Ten Thousand In The Form Of The Stimulus Check!
Many American states are already creating programs for keeping their renters inside homes and to prevent them from going into homelessness. The Authority for Housing Development in Illinois has already started administering a rental assistance relief program statewide.
Eligible landlords and tenants can apply to receive grants having maximum amounts of $25,000 for covering missed rent for 15 months from 2020 June to 2021 August. J.B. Pritzker, Governor of Illinois while announcing all the necessary details of their program stated that this assistance relief program reminds everybody how much impact and difference a good government is capable of creating in the lives of the American people.
The dollars must follow the country’s values, then only development will happen. A similar assistance program in Texas has been covering unpaid utilities and rent going as far back as 13th March 2020. It is also providing assistance regarding utility costs and rent that are past due or current with 2 months of utilities and future rent.
Later, the tenants also have the option of applying for an additional aid of 3 months if the stimulus check doesn’t feel adequate to him/them. The assistance in Texas stands at around $4600/month. On Tuesday, the people of New York started applying for the emergency rental relief and assistance program of $2.7B. This emergency rental relief and assistance program is the brainchild of the state of New York.