Rep. Clyburn Proposes Renters Credit and Local Zoning Reforms
Representative James E. Clyburn (D-SC) recently introduced 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 proposed legislation is intended 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 percent of their income) and their rent capped at 100 percent 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 hopes to expand and target 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.