The Biden administration recently announced a series of rental protections for tenants as rent prices are soaring. These protections will be beneficial to Americans struggling financially due to the pandemic, as well as those living in inflated markets.
One of the protection measures is an extension of the existing moratorium on evictions. This will help to prevent tenants from becoming homeless and give them time to recuperate should they be unable to make rent payments. Additionally, the Biden administration is working with Congress to allocate $21.6 billion in rental assistance to help alleviate some of the burden. This will make rent payments more manageable and help prevent additional evictions.
The Biden administration is also largely focused on rental housing affordability and stability. To this end, they have proposed a tax credit program that would directly benefit lower and middle-class tenants. This would come in the form of up to $10,000 a year to renters in need. The credit would be based on the renters’ income and family size and will be used to cover rent and utilities.
In addition, the administration is pushing for housing reform. This includes eliminating discrimination within the sector, expanding access to affordable housing and protecting tenants from unfair rent hikes. Lastly, the administration is proposing government reforms to better protect tenants from potential future risks and to allow for rent prices to be more accurately set.
The Biden administration’s protections and reforms are designed to make renting more financially accessible and to give those who are struggling a fighting chance should they find themselves unable to make rent. Together, these measures are intended to make renting a viable long-term housing option and create more stability in the sector.
You can read this full article at: https://www.housingwire.com/articles/biden-administration-rolls-out-renter-protections-as-rent-prices-soar/
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