Tenants will be able to get a tax credit

Tenants will be able to get a tax credit

111 million Americans live in rental housing. In new York this figure is two times higher than the national average. Apparently, therefore, the Chairman of the Democratic party of the County of Queens Joseph Crowley proposed a Federal bill on credit families whose income is less than 125 thousand dollars a year.

The act of granting of privileges on rent will enable individuals across the country to one of the two types of tax credits. One of them will be able to use those who live in unsubsidized housing within the market rental value. The loan amount will be determined taking into account annual income, the amount that a family spends on rent, and the stimulated rate established by the Federal government to market annual limit of the lease.

Tenants will be able to get a tax credit

The second loan option would be available to individuals who live in rented government housing. Such a lessee reimburses a tax credit equivalent to the rent for one month.

«Unfortunately, the demand for rental housing continues to outstrip supply, and while all signs point to higher rent in the future, wages remain unchanged, – said the Chairman of Crawley. – Similar to how the tax code helped to make the property more accessible, I believe that Congress should provide aid to the growing number of tenants that feel tight financially».

Rents in new York and other States is outpacing the growth of income. In a report published on the web site StreetEasy, it was said that in the period from 2010 to 2017, the price of rent in new York increased two times faster than wages.

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