The Cash Flow Reserve fund holds $795 million, but since it must be repaid in the same fiscal year, it can’t be effectively used to make up for long-term shortfalls in federal funding.Įmergency Cash Reserve fund has a remaining balance of $155.9 million, which is available for use when there is a declared State of Emergency. Of the district’s four reserve funds, the Contingency Cash Reserve fund and the Fiscal Stabilization Reserve are almost completely exhausted, with their balances falling from $311.3 million to $8.1 million and $218.2 million to $5.7 million, respectively, at the end of Fiscal Year 2020. While the district had $1.48 billion placed in reserved funds at the end of Fiscal Year 2020, most of this money is either not well-suited for the purpose of continuing STAY DC or has already been used up. The resolution stated that the mayor was able to use resources such as “contingency cash reserves, unallocated Fiscal Year 2022 revenue, and other funds available within the district’s operating budget” to fund the continuation of the program.Įchoing the council on November 10, 33 local organizations submitted a letter to Mayor Bowser’s office that requested the continuation of the program by using funds from the Fiscal Year 2021 surplus and agency underspending to continue to support it. On October 28, 10 DC councilmembers - Brianne Nadeau, Janeese Lewis George, Brooke Pino, Mary Cheh, Kenyan McDuffie, Charles Allen, Trayon White, Anita Bonds, Christina Henderson, and Robert White - introduced Resolution 24068, which calls on Mayor Bowser to reopen STAY DC with the assistance of local funding. Now, the DC Council, housing advocacy groups, and Mayor Muriel Bowser are scrambling to find new funding for the program.ĭC could pull local funds from multiple sources These numbers are higher for Black renters: 33% of Black renters in the district were not caught up on their rent as of October 11, while only 0.6% of renters of all other races reported similar challenges. As of October 11, 39,000 renters, making up 13% of total renters in the city, were not caught up on their rent and 29% of those renters stated they were either very likely or somewhat likely to be evicted within the next two months. While DC is not the only jurisdiction to exhaust its funds, the closure of the program has caused many district residents to lose access to critical support. DC was also significantly ahead of Virginia, Maryland, and almost all other states, in dispersing the funds. With 83% of households bringing in less than 30% of the area median income (approximately $38,700 for a family of four), the funds overwhelmingly went to the residents who needed them the most. Each week, officials distributed $10 million in rental relief funding to landlords and tenants, aiding more than 23,000 households that were impacted by the pandemic. STAY DC, which was funded by the Consolidated Appropriations Act 2021 and the American Rescue Plan Act of 2021, was a major success. by Elvert Barnes licensed under Creative Commons.Īfter spending $352 million in federal funding, the District has stopped accepting applicants for its rental relief program established during the pandemic.
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