2021-32 - Authorize allocation of $1.68M in ARPA funds to LCSC

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Exhibit A Funding Proposal American Rescue Plan Act Local Fiscal Recovery Funds Emergency Rent Assistance Program Introduction More than eight million American households, including hundreds of low- and extremely -low income Lakewood families, have fallen behind on their rent during the COVID-19 pandemic. Households facing economic and housing insecurity before the pandemic, less able to weather business closures, job losses, and declines in earnings, are at grave, imminent risk losing their housing in its aftermath. The public health and economic impacts of the pandemic have fallen most severely on low-income communities and people of color for whom pre-existing social vulnerabilities magnify its negative impacts. Disadvantaged before the pandemic, these communities are experiencing significantly higher rates of unemployment and housing instability. American Rescue Plan Act Local Fiscal Recovery Fund On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law. The $1.9 trillion package is designed to address and combat the adverse economic and health impacts of the COVID-19 pandemic. The City of Lakewood will receive approximately $47 million in ARPA Local Fiscal Recovery Funds. The U.S. Treasury Department recently released its ARPA Interim Rule, effective May 17, 2021, which establishes a framework for determining ARPA-eligible programs and services and lists eligible uses local governments may consider for these funds.