The $25 billion rental assistance program, a part of the new, robust stimulus package signed before the end of the year, is one step closer to implementation. On Tuesday, January 5, the U.S. Department of Treasury published the application process for states to obtain funding for the rental assistance program. The application process is open for only seven days, with detailed applications due by midnight on Tuesday, January 12, or states lose the opportunity to receive the funding.

Thanks to Governor Kay Ivey, Alabama is among the first states to submit an application for the rental relief program. Alabama REALTORS® has been vocal in advocating for a robust rental assistance program in Alabama utilizing CARES Act Funds to help both tenants and housing providers who are struggling through this pandemic, and we greatly appreciate Governor Ivey’s efforts to make this a reality. Governor Ivey has been instrumental in helping Alabamians throughout the pandemic and being a steadfast leader to help bolster the vibrant real estate market and economy. Once resources are allocated by the Department of Treasury and the disbursement process is established, assistance is expected to be disbursed to tenants and housing providers in the next 30-45 days.

The rental assistance program includes a local component as well. Local city and county governments with a population over 200,000 may also apply for and create a rental assistance program in their communities. For Alabama, those communities are the city of Huntsville and Madison County; the city of Birmingham, as well as Jefferson and Shelby Counties; and Mobile, Baldwin, Tuscaloosa and Montgomery Counties. Local REALTOR® associations have led the way in advocating to local officials to apply for rental assistance funds to help tenants and landlords in those communities.

Alabama REALTORS® will continue to advocate on your behalf, so check your weekly newsletter, Real Estate Alabama, as new information is released, including which communities will offer a rental assistance program.