Representative James E. Clyburn (D-SC) introduced on October 9 the “Housing Opportunity, Mobility and Equity (HOME) Act of 2018” (H.R. 7050), the House version of the Senate legislation (S.3342) proposed by Senator Cory Booker (D-NJ).
The ambitious proposal would help to bridge the widening gap between wages and housing costs by creating a new refundable tax credit for low income renters who face impossible choices between paying rent and meeting other basic needs. The refundable renters’ credit would cover the difference between what the household can afford – 30% of their income – and their rent capped at 100% of public housing authorities’ Fair Market Rents. The bill also requires entities receiving federal Community Development Block Grant (CDBG) funds to pursue inclusive local zoning strategies, such as new unit-development policies, programs, or regulatory initiatives. In doing so, 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.
The HOME Act of 2018 is available at: https://bit.ly/2ErBTYJ
NLIHC’s Memo article comparing the Senate version of the bill from Senator Booker with a similar proposal from Senator Kamala Harris (D-CA) at: https://bit.ly/2yJ5g2C
Senator Booker's HOME Act is available at: https://bit.ly/2LP7mac
NLIHC’s factsheet “Bold Proposals for Renters’ Tax Credits” is available at: https://bit.ly/2J558yW