Philly seeks more rent aid as Treasury looks to reallocate funds

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.