Oregon Unemployment Benefits Top $1 Billion Again in July; Since Mid March a Net of $933 Million Has Been Made Available for Housing Expenses.

For the second month in a row Oregon’s Employment Department reports show that they paid out more than $1 Billion in unemployment insurance benefits in July. 

UI Benefits Available for Housing Expenses Since March 15 Total $923 Million; In Last 2 Months, $554 Million.

(See table pasted below for the detailed data).

• After federal and state income taxes, AND at 30% of net income, since March 15 a net of more than $923 million has been made available for housing expenses from gross UI benefits paid of $3.6 billion.
  
• And in the last two months, a net of more than $554 million has been made available for housing expenses in Oregon from gross UI benefits of nearly $2.2 Billion. (For some context all HUD voucher assistance in Oregon totaled $250 million for all of fiscal year 2019).

The Loss of $600 UI Supplement Would Have Cut Net Amounts Available for Housing by $580 Million Since March 15, and $348 Million in the Last Two Months.

• 63% of the  UI benefits in Oregon since March 15 were provided by the $600 unemployment insurance supplement, which is now expired.

• Without the $600 supplement,  the UI benefit available for housing expenses since March 15 would have dropped from $923M to $343M, a loss of $580M.  And instead of $554 M for the months of June and July the total available for housing expenses would have dropped to $206 M, a loss of $348M.

Originally created and posted on the Oregon Housing Blog.