Senator Kamala Harris (D-CA) introduced the Rent Relief Act of 2019 on April 10 to provide a refundable renter’s tax credit. The Democratic Presidential candidate’s proposal would provide a tax credit for rent in excess of 30 percent of an individual’s income. It would be available for individuals earning up to $100,000 ($125,000 in high-cost areas where the Housing Choice Voucher Program is used) and help offset rents exceeding 100 percent of small area fair market rent. The bill would charge the Treasury Secretary with providing advance payments on a monthly basis so that an individual would not be forced to wait until a tax return is filed to receive the subsidy.
NMHC and NAA view tackling housing affordability as a critical challenge that must be addressed. In addition to addressing federal, state and local barriers to development, we also support incentives to increase housing supply. Among these incentives, we support expanding the Low-Income Housing Tax Credit and establishing a Middle-Income Housing Tax Credit.
For more information on housing affordability, visit our advocacy page.
- Bipartisan Multifamily Depreciation Bill Introduced
- NMHC Attends HUD Event to Discuss Housing Affordability
- IRS Delays Implementation of New Partnership Tax Forms
- Real Estate Industry Multifamily Depreciation Parity Act Letter to House and Senate – December 2019
- Real Estate Group Letter to IRS Regarding New Partnership Tax Forms – November 2019