Philadelphia will apply for more federal rental assistance as the U.S. Treasury looks to reallocate billions of dollars in rent relief, city officials confirmed to Axios Tuesday.
Why it matters: Despite the city receiving an additional $35 million in federal rent aid Friday, Philly is on the verge of running out of money for applicants in need.
- City spokesperson Jamila Davis told Axios the new emergency rental assistance funds would only last another five to six weeks.
State of play: The Treasury announced Monday that it'll be reallocating federal rental assistance in an effort to reach more tenants facing eviction.
- Meanwhile, Philadelphia has gone through 75% of its available funds, as of Tuesday.
- The city has dispersed more than $188 million in total emergency rental assistance to more than 30,000 households since May 2020.
What to watch: City staffers are barely halfway through processing more than 60,000 applications for emergency rental assistance, and Davis said they're averaging about 1,500 new applications weekly.
- Philly would need $313 million to cover the amount of applications it has received.
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