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December 23, 2020, 9:36 AM
The coronavirus stimulus package that passed Congress on Monday night provides $25 billion in relief to struggling renters across the country. The president still needs to sign the bill for it to become law, which remains unclear.
The aid is needed. Between 7 million and 14.2 million renter households are at risk of eviction, according to an analysis tool created by Stout Risius Ross, a global advisory firm.
“The bill is structured to prioritize help for the lowest income renters who have experienced financial hardship due to the pandemic and are at risk of housing instability,” said Danielle Hale, chief economist at Realtor.com, a real estate listing site.
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ORLANDO, Fla. Housing advocates and struggling renters alike expressed concern after President Donald Trump indicated Wednesday evening that he may not sign a $900 billion coronavirus relief package passed by both houses of Congress this week. The 5,000+ page bill includes an extension of the federal eviction moratorium set forth by the Centers For Disease Control and Prevention (CDC), currently set to expire December 31.
What You Need To Know
Congress passed a $900 billion coronavirus relief bill this week
President Donald Trump has come out against the bill s $600 individual payments
If the bill is not signed into law, a federal eviction moratorium will expire on December 31
COVID-19 Relief Bill Could Stave Off Historic Wave Of Evictions
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A protester holds up an eviction-related sign in Washington, D.C. The coronavirus rescue package just passed in Congress sets aside $25 billion for rental assistance and extends a CDC order aimed at preventing evictions.
Jacquelyn Martin / AP
For months, the warning was clear from economists, housing advocates and public health experts: Without more help from Congress, millions of Americans could be evicted, in the dead of winter, in the middle of a raging pandemic. I can t construct a darker scenario, Moody s Analytics chief economist Mark Zandi told NPR in November. It s absolutely critical that lawmakers step up.