LIIF, along with 34 mission-aligned organizations, has signed on in support of innovative legislation introduced to help millions of cost-burdened renters at a time when housing costs are skyrocketing as the gap between incomes and housing costs grows.
The Rent Relief Act would:
- Build on the success of the Child Tax Credit to provide monthly support to renters earning less than $100,000 annually who spend at least 30% of their gross income on rent and utilities.
- Help housing cost-burdened renters bridge the gap between income and rents by providing a refundable tax credit that covers a share of the difference between 30% of income and rent, capped at 100% of Small Area Fair Market Rent.
- Ensure the lowest-income families benefit by making the credit fully refundable.
- Overcome administrative barriers that often prevent households from accessing rental assistance by providing relief directly to renters and minimizing landlord involvement.
- Improve access to the credit by funding community outreach to help eligible individuals learn about and apply for the credit.
Read the press release.