State and Local Governments Receive Federal Recovery Funds Under Interim Rule

Originally published on August 18, 2021, by Toby Burke for NAIOP.

The federal government has provided additional support for state and local governments in response to the COVID-19 pandemic. President Joe Biden signed the American Rescue Plan Act (ARP) into law on March 11, which established the Coronavirus State and Local Fiscal Recovery Funds. The new federal funds provide $350 billion to support state, local, territorial, and tribal governments in responding to the COVID-19 pandemic and spurring economic growth. These federal funds are a windfall for some governments that did not experience a fiscal shortfall, particularly at the state level.

Read More


Share this post: