What You Need to Know About the American Rescue Plan | Chicago Association of REALTORS®

The American Rescue Plan was passed by Congress on March 10. The bill was signed by President Biden on March 11, and it includes provisions that impact the real estate industry. This includes:

Unemployment Assistance

  • The Pandemic Unemployment Assistance program has been extended through September 16. The number of weeks the benefits are available increased from 50 to 74 weeks.
  • Federal Pandemic Unemployment Compensation or Mixed Earner Unemployment Compensation program will provide an additional $300 weekly benefit after March 14 until September 6, 2021, which augments regular weekly unemployment and PUA benefits.
  • Extends the Pandemic Emergency Unemployment Compensation through September 6, 2021 and authorizes additional unemployment benefits to those who exhaust their regular unemployment benefits. The number of weeks the benefits are available increased from 24 to 48 weeks.

PPP/SBA Loans

Emergency Rental Assistance

    • Appropriates $21.55 billion to the program, with $152 million guaranteed per state.
    • Funds can be used to provide financial assistance for rent, rental arrears, utilities or home costs and other housing expenses to eligible households for up to 18 months.

Homeowners Assistance

    • Appropriates $9.961 billion for the Homeowners Assistance Fund to states, territories and tribes to help homeowners at 100% of national AMI to pay mortgage, taxes, insurance, HOA/condo fees, and reimburse state and local governments that provided the same support in order to prevent homeowner displacement.

Emergency Housing Vouchers

    • Appropriates $5 billion for incremental emergency vouchers, renewals of vouchers and fees for administering voucher programs through September 30, 2021.
    • This voucher is available to those who are homeless, at risk of homelessness and those fleeing unsafe situations.

The plan also includes a number of tax provisions and state/local assistance. The full outline of the bill can be viewed on NAR’s website here.