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Crowley Introduces Legislation to Support Renters


Copyright: Francis Studio

Representative Joe Crowley (D-NY), Chairman of the Democratic Caucus and Ways and Means committee member, has introduced the ‘‘Rent Relief Act of 2017’’ to provide a tax credit for taxpayers who rent their homes.


“The lack of rental affordability isn’t just hurting the working poor – it’s a serious burden on hard-working middle-class families too,” said Chairman Crowley. “Unfortunately, the demand for rental housing continues to outpace supply, and while all signs point to higher rents in the future, wages remain stagnant. Just as the tax code has helped make home ownership more affordable, I believe Congress must provide relief to the growing number of renters who are feeling squeezed financially.”


Crowley hopes that his measure will be considered as part of the larger tax reform package expected to be considered by Congress later this year. Residents of market rate properties who spend more than 30 percent of their income on rent would be eligible for a refundable credit determined by the household’s annual income, the total amount spent annually on rent, and a stimulated rate of the federal government’s established fair market annual rent caps. Residents in assisted housing would be eligible for a credit equal to one month’s rent. 


NMHC/NAA greatly appreciate Rep. Crowley's focus on housing affordability. Recent research commissioned by the multifamily industry concludes that the nation will need 4.6 million units by 2030. We look forward to working with Congress on addressing the supply crunch as a means of ensuring all Americans have a place to call home at a rent level that is affordable.Representative Joe Crowley (D-NY), Chairman of the Democratic Caucus and Ways and Means committee member, has introduced the ‘‘Rent Relief Act of 2017’’ to provide a tax credit for taxpayers who rent their homes.


“The lack of rental affordability isn’t just hurting the working poor – it’s a serious burden on hard-working middle-class families too,” said Chairman Crowley. “Unfortunately, the demand for rental housing continues to outpace supply, and while all signs point to higher rents in the future, wages remain stagnant. Just as the tax code has helped make home ownership more affordable, I believe Congress must provide relief to the growing number of renters who are feeling squeezed financially.”


Crowley hopes that his measure will be considered as part of the larger tax reform package expected to be considered by Congress later this year. Residents of market rate properties who spend more than 30 percent of their income on rent would be eligible for a refundable credit determined by the household’s annual income, the total amount spent annually on rent, and a stimulated rate of the federal government’s established fair market annual rent caps. Residents in assisted housing would be eligible for a credit equal to one month’s rent. 


NMHC/NAA greatly appreciate Rep. Crowley's focus on housing affordability. Recent research commissioned by the multifamily industry concludes that the nation will need 4.6 million units by 2030. We look forward to working with Congress on addressing the supply crunch as a means of ensuring all Americans have a place to call home at a rent level that is affordable.