Washington, DC – (RealEstateRama) — Senator Booker’s ambitious proposal would go a long way toward alleviating the housing crisis by addressing both the widening gap between incomes and housing costs and issues of restrictive local zoning. The bill expands and targets federal resources to make homes affordable for those with the lowest incomes and greatest needs, while also requiring local governments and the private sector to do better for the middle class. Senator Booker’s bill would make it possible for millions of people, regardless of income, to afford to a decent place to call home.
The HOME Act would create a new, refundable tax credit for renters who pay more than 30% of their income on rent and utilities. By eliminating housing cost burdens, the bill will help families who today must make difficult choices between paying rent and meeting their other basic needs. The bill would also require local governments to address regulatory and zoning barriers that drive up housing costs and restrict the ability of the private sector to build more affordable rental homes for the middle class.
Evidence shows that when families have stable, decent homes they can afford, they are better able to improve their health, their children do better in school, and they have more resources to invest in their futures. Despite the clear benefits, federal investments in affordable housing and housing assistance have not kept pace with demand. Three out of every four eligible families in need of housing assistance are turned away due to chronic underfunding. Senator Booker’s ambitious bill would significantly expand housing resources and help end housing poverty and homelessness, offering more families the opportunities that start with living in an affordable home.
Senator Booker’s HOME Act is available at: https://bit.ly/2LP7mac
Established in 1974 by Cushing N. Dolbeare, the National Low Income Housing Coalition is dedicated solely to achieving socially just public policy that assures people with the lowest incomes in the United States have affordable and decent homes.
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