Denver to Receive $308M from American Rescue Plan
Published on May 10, 2021
Denver’s plan for recovery received a major boost today from President Joe Biden and Congress with the announcement that we will receive the full city and county allocation of over $308M to restore city services, eliminate furloughs, support vaccination efforts and build financial recovery for Denver’s residents.
“The pandemic delivered a blow to our community worse than any experienced since the Great Depression. These American Rescue Plan funds will help to deliver on a once-in-a-generation opportunity to shape a sustainable, equitable recovery for our city,” Mayor Michael B. Hancock said. “We have a strong recovery plan and thankfully we also now have a partner at the federal level willing to put resources toward building back in a way that is equitable and, with local efforts, more sustainable.”
“We expect to receive the first allotment of dollars from the U.S. Treasury in the coming days and will be combining this relief with planned local investments to support our recovery,” said Chief Financial Officer Brendan Hanlon. “The magnitude of these investments will be felt for generations to come, so we look forward to launching a round of community and City Council engagement in mid-May and to deploying the first round of funds this summer.”
Local governments will receive funds in two tranches, with 50% provided in May 2021 and the balance delivered approximately 12 months later. The city has received and is beginning to review the guidance provided by the U.S. Treasury on allowable uses for the funding. The second half of the allocation will be provided in 2022. The city will initiate engagement with the community and City Council this month to identify priorities for deploying the funding.
Denver’s Rebuilding for an Inclusive and Sustainable Economy plan, or RISE Denver, will focus these investments around five strategic areas and tactics to provide relief for those businesses, workers and communities that have been hit the hardest, and create an economy that works for everyone.