Illinois REALTORS® will be analyzing the just-released “American Rescue Plan,” outlined by President-elect Joe Biden, to determine the potential impact on housing providers and other real estate industry businesses.

While the specific details of the measure are not known, and it still must receive House and Senate approval before becoming law, here are some key aspects of the proposal:

  • Federal eviction moratorium through September 2021: The plan calls for a Congressional extension of eviction and foreclosure moratoriums and for federally backed mortgages to have continued eligibility for forbearance.
  • Additional rental assistance: Building on the recent $25 billion approved by Congress for rental assistance, the plan calls for an additional $25 billion for rental relief and $5 billion for help with utility payments.
  • Homeless assistance: The plan also calls for $5 billion for state and local governments to help homeless families secure stable housing.

The American Rescue Plan is available to review online in its entirety (the housing portions begin on page 10).

Illinois REALTORS® will continue to monitor and provide you with more information on this federal proposal as more information becomes available.