Title
Calling on the United States Congress to support the passage of the Rent Relief Act.
Body
WHEREAS, U.S. Senator Kamala Harris (D-California) introduced the Rent Relief Act in July 2018. The legislation provides rent relief for working families struggling to pay their bills and supports cost-burdened renters. Senator Harris was joined in the introduction by Senators Dianne Feinstein (D-CA), Richard Blumenthal (D-CT), and Maggie Hassan (D-NH); and
WHEREAS, Homeownership remains increasingly out of reach for more and more Americans, yet homeowners reap most of the country's tax savings and benefits, which do not apply to renters. That could change under this new bill which would extend tax credits to renters - the first major response from federal legislators to address a growing housing affordability crisis; and
WHEREAS, The Rent Relief Act would make a tax credit available to renters who make less than $100,000 a year and spend more than 30 percent of their gross income on rent and utilities. The income cap would be $125,000 in more expensive metropolitan areas; and
WHEREAS, Depending on income, the credit would allow renters to receive between 25 and 100 percent of the amount they paid to rent and utilities that is over 30 percent of their income; and
WHEREAS, Eligible individuals would qualify for the tax benefit by determining the total amount spent yearly on rent, taking into account the family's annual income, and a rate of the federal government's established fair market rent controls; and
WHEREAS, Individuals who live in government-subsidized rental housing could claim the value of one month's rent as a refundable tax credit. Subsidized rent is normally capped at 30 percent of a person's income, making them eligible for the tax benefit for rent-burdened residents; and
WHEREAS, According to the Joint Center for Housing Studies at Harvard University, nearly half of American renters are cost-burdened, meaning they spend over 30 pe...
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