1. Short title This Act may be cited as the Emergency Rental Assistance and Rental Market Stabilization Act of 2020 . 2. Emergency rental assistance (a) Authorization of appropriations There is appropriated to the Secretary of Housing and Urban Development (referred to in this section as the Secretary ), out of amounts in the Treasury not otherwise appropriated, $100,000,000,000 for grants under the Emergency Solutions Grants program under subtitle B of title IV of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11371 et seq.) for fiscal year 2020, to remain available until expended (subject to subsections (d) and (n) of this section), to be used for providing rental assistance in accordance with section 415(a)(4) of such Act ( 42 U.S.C. 11374(a)(4) ) and this section. (b) Definition of at risk of homelessness Notwithstanding section 401(1) of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11360(1) ), for purposes of assistance made available with amounts made available pursuant to subsection (a), the term at risk of homelessness means, with respect to an individual or family, that the individual or family— (1) has an income below 80 percent of the median income for the area as determined by the Secretary; and (2) has an inability to attain or maintain housing stability or has insufficient resources to pay for rent or utilities due to financial hardships. (c) Income targeting and calculation For purposes of assistance made available with amounts made available pursuant to subsection (a)— (1) each grantee of such amounts shall use— (A) not less than 40 percent of the amounts received only for providing assistance for individuals or families experiencing homelessness or at risk of homelessness who have incomes not exceeding 30 percent of the median income for the area as determined by the Secretary